Meriturn Partners acquire Irving

22 September 2005

Meriturn Partners have announced that they have completed their reorganisation and the acquisition of Irving Tanning Company. The Hartland, Maine-based side and shoe leather tannery had been operating under Chapter 11 bankruptcy protection since March 17, 2005. Meriturn signed an Investment Agreement with Irving and their former secured lender, TD Banknorth on June 15 for 100% of the stock of Irving, and on July 26 received bankruptcy court approval for their Plan of Reorganization, which enabled the transaction to proceed. Over $14.5 million of new equity and debt capital was arranged by Meriturn for the transaction, with acquisition and working capital financing provided by Wells Fargo Business Credit. Meriturn also worked closely with state and local officials to strengthen Irving's capital structure. Irving's ceo Richard Larochelle commented: 'This has been a long and difficult bankruptcy for Irving's employees, customers, and community. We are thankful to all of our constituents for their patience and support through this process, and are very excited about our new partnership with Meriturn. Together, we have developed a turnaround plan and built a capital structure that will enable Irving to compete and thrive on a global basis. We believe we have a facility and a workforce second to none in this industry; and we will continue to supply our customers with the world-class American leather for which Irving has been known for 80 years'. Meriturn's Partner Mark Kehaya commented: 'We are pleased to bring this long and complex transaction to a successful conclusion. Together with Richard Larochelle and his team's leadership, we look forward to earning back the trust and commitment of our customers, suppliers, and employees, making the company profitable once again, and delivering on the full potential of Irving Tanning Company. We also want to extend our tremendous appreciation to Governor Baldacci and the Congressional Delegation from Maine for their tireless assistance; we could not have completed the transaction without their involvement and guidance.' Source: []

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