Manroy, an Alabama company that makes weapons and supplies, recently paid $4.95 million to a Tennessee gun-making company in exchange for all of the bankrupt company’s assets.
The exchange took place at an auction which the Tennessee company, Sabre Defence, had organized in an effort to gain money that would be used to pay back the company’s investors. The company faced bankruptcy after its legal troubles, involving the trafficking of firearms, caused it to accumulate a $4 million debt. Because of this auction, the company will now be able to pay back its investors in full.
The Alabama company, Manroy, will merge the two companies and rehire many of Sabre Defence’s employees.
If your business is in debt, and you would like more information on filing bankruptcy, please contact the Birmingham bankruptcy lawyers of Greenway Bankruptcy Law, LLC at (205) 324-4000.