Worcester Printer Files Ch. 11, Enters Sale Agreement
Facing what it calls a "liquidity crisis," Worcester-based printing services firm LaVigne Inc. has filed for Chapter 11 bankruptcy.
LaVigne Inc. does business as LVI Print Optimization. In its filing, it claims assets between $1 million and $10 million and liabilities also between $1 million and $10 million.
In documents filed at the U.S. Bankruptcy Court for the District of Massachusetts Thursday, the company says its board of directors has decided that the best course of action is to sell the company to HubCast Inc., a Wakefield digital printing company. Toby LaVigne is listed as the president and secretary of HubCast, according to filings with the Massachusetts Secretary of State. Toby LaVigne is an owner of LVI, according to a press release on the company's web site.
The company has asked the court for permission to hire Axia Advisors for $10,000 to handle the sale to HubCast.
The company's largest unsecured creditor is INS LLC, which owns 10 Coppage Dr., where LaVigne Inc. is headquartered. INS is owed $235,571 in lease payments. Toby LaVigne is listed as the manager for INS LLC.
Other unsecured creditors include John Hancock Insurance of Boston, which is owed $202,617; Berkshire-Westwood Graphics Group Inc. of Holyoke, which is owed $142,729; Key Equipment Finance Inc. of Broomfield, Colo., which is owed $170,899 and Xpedx of Wilmington, which is owed $145,086, among several others.
LaVigne's attorney for the bankruptcy is John J. Monaghan of Holland & Knight LLP in Boston. The company asked for and was granted an expedited or emergency hearing, which has been scheduled for Monday, July 13 at 2 p.m.
Calls to Chris Wells, CEO of LVI, for comment were not immediately returned.
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