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Global Digital Solutions' Planned Merger Partner, Airtronic USA, Inc., Files Bankruptcy Reorganization Plan - Another Key Step In Merger Process
Global Digital Solutions' Planned Merger Partner, Airtronic USA, Inc., Files Bankruptcy Reorganization Plan - Another Key Step In Merger Process.
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[{"type":"text","content":"\n\n\n\n\n\n\n\nGlobal Digital Solutions' Planned Merger Partner, Airtronic USA, Inc., Files Bankruptcy Reorganization Plan - Another Key Step In Merger Process\n\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:\"0in\";\n}\n\n\n\n\n\n\n\n\n\n\nGlobal Digital Solutions' Planned Merger Partner, Airtronic USA, Inc., Files Bankruptcy Reorganization Plan - Another Key Step In Merger Process\n\nIf confirmed, the Plan will allow Airtronic - the largest woman-owned small arms manufacturer in the United States - to emerge from chapter 11 bankruptcy debt-free with adequate working capital\n\nPR Newswire\n\nPALM BEACH, Fla., June 13, 2013\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nPALM BEACH, Fla., June 13, 2013 /PRNewswire/ -- Global Digital Solutions, Inc. (OTCPink: GDSI), a company that is positioning itself as a leader in providing knowledge-based and culturally attuned social consulting and security-related solutions in unsettled areas, announced today that its planned merger partner, Airtronic USA, Inc. (\"Airtronic\"), filed its chapter 11 bankruptcy reorganization plan on June 10, 2013, with the United States Bankruptcy Court for the Northern District of Illinois, Eastern Division.\n\n\n\"The filing of this consensual Plan signals that the end is in sight,\" said David Loppert, who will become GDSI's Chief Financial Officer after the acquisition with Airtronic is completed. \"Upon confirmation, GDSI is expected to complete its acquisition of Airtronic and Airtronic will emerge from chapter 11 as a debt-free company with adequate working capital provided by GDSI. This will enable Airtronic to once again compete at the highest levels in its areas of expertise in small arms innovations.\"\n\n\nOn August 20, 2012, GDSI and Airtronic announced that they had signed a letter of intent to enter into good faith discussions involving a potential strategic combination in which Airtronic would be acquired by GDSI. Having completed those good faith discussions, the companies signed a merger agreement on or about October 16, 2012. Dr. Merriellyn Kett, Airtronic's President and CEO, will continue s...