KMA Capital Partners, Inc. Announces Co-Sponsoring a Workout Plan for IWT Tesoro Corporation
Tuesday September 11, 1:02 pm ET
ORLANDO, Fla.--(BUSINESS WIRE)--KMA Capital Partners, Inc. (Pink Sheets:KMAC - News; KMA Capital) announced today that they would be the co-sponsor of a plan with management to reorganize and refinance IWT Tesoro Corporation ("Tesoro") (OTCBB:IWTT - News).
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Tesoro, through its wholly owned subsidiary International Wholesale Tile, Inc., delivers premium porcelain, ceramic and natural stone tiles from around the world to floor covering dealers, home center stores, national homebuilder buying groups, and to wholesalers.
Due to the housing market slow down and other related business factors, Tesoro has witnessed a considerable slowing in its business. This has caused Tesoro's management to take certain preemptive actions to continue Company operations. The Board of Directors of Tesoro, and its subsidiaries, decided on September 6, 2007 to file a voluntary petition for reorganization under Chapter 11 of the United States Bankruptcy Code. "This reorganization is in the best interest of the Company, its employees, customers, creditors, and shareholders," said Henry J. Boucher, Jr., CEO of Tesoro.
"We see Tesoro as having a solid operations core. The Tesoro business was one of many caught in the recent housing downturn, only they were in the process of expanding. In conjunction with Tesoro's management, KMA Capital has the expertise to get this company properly realigned and moving forward again with a proper financial structure," stated Doug Calaway, President/CEO of KMA Capital Partners, Inc.
