CHICAGO--()--Lyon Workspace Products, L.L.C., the Illinois-based company that manufactures lockers, workspaces and other top-quality storage solutions, filed for Chapter 11 reorganization on Saturday January 19, 2013. Lyon intends to solicit offers for the sale of substantially all of its assets on a going-concern basis under Section 363 of the United States Bankruptcy Code.
Lyon has over 100 years of experience in manufacturing and selling a range of high quality fabricated steel storage and workspace products—including lockers, shelving and storage racks, modular drawer cabinets, ergonomic workplace furniture, and other storage cabinets. It is a leading manufacturer of steel lockers for school, athletic, business, club and industrial applications. Lyon’s products are marketed nationwide through a network of industrial distributors, dealers and catalogs. Its customers include Fortune 1000 companies, U.S. government agencies, schools and medical institutions. Lyon also markets its products directly to school districts and general contractors for school construction and renovation
Facing high labor costs and rising commodity costs, Lyon has successfully navigated a competitive environment over the last ten years, but has recently been unable to meet its operational needs with its available line of credit. Lyon and its secured lenders have determined that the best solution for Lyon and all of its creditors is to offer the company for sale on a going-concern basis.
Lyon believes that there is significant value in its products, its facility, its brand names and its customer goodwill. By offering its business for sale on a going-concern basis, Lyon believes it can the maximize value of these assets for its estate and creditors and preserve as many jobs for its employees as possible. In fact, Lyon believes that the company is in a position to grow revenues and profitability significantly in a reasonable timeframe.
Bidding procedures for the Company and terms of a sale are subject to approval by the Bankruptcy Court. The Preliminary Bid Deadline for potential bidders is March 7, 2013.
Lyon has set up an online data room for qualified parties interested in pursuing this opportunity. Inquiries should be directed to Lyon’s financial advisors, Robert Wanat at (773) 724-2082 or firstname.lastname@example.org and Tim Pruban at (773) 724-2082 or email@example.com, or its counsel Daniel A. Zazove of Perkins Coie at (312) 324-8604 or firstname.lastname@example.org.