Irving Tanning agreement1 March 2002
Irving Tanning Company (Irving Tanning) and Irving Schweizer Asia Ltd, to be known as ISA Limited, a division of Tan Tec (ISA), have announced that they have reached an agreement in principle for the termination and settlement of Irving Tanning's share holding interests in and commercial relationships with ISA. The tentative agreement is subject to the negotiation and execution of definitive agreements and to the approval of the US Bankruptcy Court in Maine. Irving Tanning, who are currently operating business under Chapter 11 of the US Bankruptcy Code, expect to propose a plan of reorganisation and to emerge from Chapter 11 as a revitalised company in the next several months. In connection with the consummation of the transactions contemplated in the tentative agreement, ISA will cease to operate under the Irving name and are expected to be known commercially as ISA Limited, a division of Tan Tec.