Kroy Inc. Files Chapter 11: Kroy Inc.,...
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Kroy Inc. Files Chapter 11: Kroy Inc., a manufacturer of lettering machines and visual communication products, has filed for protection from creditors under Chapter 11 of the federal bankruptcy laws. The filing was accompanied by a proposed reorganization plan that President Howard Klemmer said would be beneficial to both the company and its creditors. “All the documents are already completed and the plan is written so the court can confirm it in the shortest period of time,” Klemmer said. “The company is allowed to get in and out of this process very quickly.” Klemmer said Kroy had a cash shortage because of a $60-million debt incurred in a 1986 leveraged buyout.
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