IL-based map-making company Rand McNally has filed for
bankruptcy, the company announced this week.
147-year-old company announced in a release Feb. 11 it
had filed papers in the U.S. Bankruptcy Court for the Northern
District of Illinois for relief under Chapter 11 of the
U.S. Bankruptcy Code.
company had warned Jan. 14 that it would file Chapter 11
if it received approval from its creditors for a plan to
recapitalize and reduce its debts. Under the plan, Leonard
Green & Partners, a Los Angeles-based private equity
firm, will have a controlling interest in Rand McNally.
The plan still must be approved by the bankruptcy court,
and a hearing is scheduled March 18.
McNally officials said the company’s services would continue
restructuring plan … is designed so that normal business
operations continue, with no effect on customers, vendors,
operations or employees,” Michael K. Hehir, president and
CEO of Rand McNally, said in a statement.
company has been headed toward acquisition for some time. Reuters news
service reported Feb. 13 that Rand McNally had invited
bids for the purchase of the company at an earlier date.
Those bids were due Sept. 12, 2001, and were delayed after
the September 11 attacks.