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Print Edition StoriesFriday, July 10, 2009
Worcester print services firm files for Chapter 11
By Mass High Tech Staff
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A Worcester company that says it helps streamline and oversee printing operations for customers in businesses ranging from pharmaceuticals to financial services has filed for Chapter 11 bankruptcy, which usually leads to reorganization.
LaVigne Inc., which does business as LVI Print Optimization, filed its petition in U.S. bankruptcy court in Worcester Thursday. Case documents suggest LaVigne is weighing bids to purchase the company, with LaVigne’s first preference pending higher offers being a firm called Hubcast Inc.
On its web site, Hubcast lists its “founder and CEO” as Toby LaVigne. LaVigne also is chairman of LaVigne Inc.’s board of directors.
LaVigne has petitioned the bankuptcy court for permission to pay investment bankers Axia Advisors to handle any sale. LaVigne retained Axia in April but has not yet begun paying an agreed-upon $10,000 per month advisory fee, pending approval from the bankruptcy court.
Under their deal, Axia also would get a percentage of any sale price fetched by LaVigne.
LaVigne, which was founded in 1960, lists assets of between $1 million and $10 million.
Liabilities are listed as between $1 million and $10 million.
Many of the larger creditors were companies in the graphics business. The list also includes John Hancock Insurance, owed $203,000. A Colorado company called Key Equipment Finance Inc. is owed $171, 000.
LaVigne is being represented by attorney John J. Monaghan of the Boston firm Holland & Knight LLP.
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