Katy Industries,Inc. (OTCMKTS:KATYQ) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02.Departure of Directors or Principal Officers; Election of Directors; Appointment of Officers; Compensatory Arrangements of Certain Officers.
On May 13, 2017, Charles Asfour resigned as a member of the Board of Directors of Katy Industries, Inc. (the “Company”). Mr. Asfour’s resignation did not result from any disagreement with the Company.
As previously disclosed, on May 14, 2017 (the “Petition Date”), the Company and certain of its wholly-owned direct and indirect domestic subsidiaries (collectively with the Company, the “Debtors”) filed voluntary petitions in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) seeking relief under Chapter 11 of Title 11 of the United States Code (the “Bankruptcy Code”). These cases (the “Chapter 11 Cases”) are being jointly administered under the caption “In re Katy Industries, Inc., et al. “, Case No. 17-11101. The Debtors continue to operate their businesses as “debtors-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. On the Petition Date, the Company and certain of its subsidiaries entered into a “stalking horse” Asset Purchase Agreement (the “Asset Purchase Agreement”) with Jansan Acquisition, LLC (in such capacity, the “Purchaser”) to which the Purchaser agreed to purchase substantially all of the assets of the Company (the “Asset Purchase Transaction”). Mr. Asfour resigned as a director due to his participation in the Asset Purchase Transaction.
About Katy Industries, Inc. (OTCMKTS:KATYQ)
Katy Industries, Inc. is a manufacturer, importer and distributor of commercial cleaning and consumer storage products, as well as a contract manufacturer of structural foam products. The Company’s subsidiary is Continental Commercial Products, LLC, which includes four business units: Continental, Wilen, Contico and Fort Wayne Plastics. The Continental business unit is a plastics manufacturer and an importer and distributor of products for the commercial janitorial/sanitary maintenance, industrial and foodservice markets. The Wilen business unit is a manufacturer, importer and distributor of cleaning products that include mops, brooms and sweeps, poles and handles, microfiber, brushes and plastic cleaning accessories. The Contico business unit is a plastics manufacturer and distributor of garage, shelving, tool and other home storage products. The Fort Wayne Plastics business unit is a contract manufacturer for various original equipment manufacturers. Katy Industries, Inc. (OTCMKTS:KATYQ) Recent Trading Information
Katy Industries, Inc. (OTCMKTS:KATYQ) closed its last trading session 00.0000 at 0.0750 with 5,790 shares trading hands.