Business Services Industry
St. Petersburg, Fla.-Based Copier Services Company Presents Restructuring Plan.
Knight Ridder/Tribune Business News, July, 2001
By Ted Jackovics, Tampa Tribune, Fla. Knight Ridder/Tribune Business News
Jul. 2--ST. PETERSBURG, Fla.--Danka Business Systems said Friday it has met the three goals of a financial restructuring plan to restore profitability.
Friday, shareholders approved the $290 million sale of its copier services outsourcing division to Pitney Bowes Inc. Danka also obtained a senior debt agreement from lenders, and the company closed an exchange offer for $184 million of its $200 million in 6.75 percent subordinated notes.
Danka outlined the three steps in February. Now that Danka has completed the three simultaneous challenges, it is in position to focus on its business plan, executives said.
Danka reduced its debt from $719.2 million on...
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