The firm, which has been in bankruptcy since June, will exit via an asset sale.
PALMETTO — Teltronics Inc., an electronics manufacturer, will settle its bankruptcy filing by selling off assets, according to the Dow Jones Daily Bankruptcy Review. The firm originally filed for Chapter 11 bankruptcy reorganization in June.
On Dec. 31, Teltronics estimated that it owned $9.1 million worth of assets. Its outstanding liabilities exceed $19.8 million.
The company says it will complete the sale of its assets before Dec. 6, the date of maturity for a $3 million loan it borrowed from Wells Fargo. Teltronics' 58-page filing with the U.S. Bankruptcy Court in Tampa did not list any potential buyers, nor did it estimate the amount of funds that would be generated from its asset sale. Court approval is required for any future asset sale.
Headquartered in Palmetto, Teltronics has 133 employees. The company generated $43 million in revenues in its 2009 fiscal year.