Business Services Industry
Medina, Ohio-Based Corrosion Control Firm Finds New Financial Partners.
Knight Ridder/Tribune Business News, December, 2003
By Jim Mackinnon, Akron Beacon Journal, Ohio Knight Ridder/Tribune Business News
Dec. 17--Struggling Corrpro Companies Inc. has found new partners to infuse it with cash as part of a package that will ward off possible bond defaults or a Chapter 11 bankruptcy filing in the new year.
The Medina-based maker of industrial corrosion control systems, recovering from a financial scandal involving two former top executives, announced Tuesday that new partners will buy up to 40 percent of company stock and that it will issue new preferred stock that will give the new partners 51 percent of voting power.
"This investment is being made as part of a plan of recapitalization and refinancing of the company," according to Corrpro's announcement....
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