Service Point, an international reprographics firm based in Spain, formerly confirmed that it has shut down its U.S. subsidiary, evidently because of debt. It also promised that more "concrete" news about the situation is forthcoming.
The company officially reported the closure of the U.S. subsidiary to Comisión Nacional del Mercado de Valores, which is Spain's equivalent of the U.S. Securities and Exchange Commission (SEC).
The U.S. subsidiary, which represented 8 percent of Service Point's total sales, according to the company, purchased Charrette ProGraphics (a reprographics company based in Boston) in 1999 for $107 million.
An article on Yahoo Finance Espanol stated that banks have rejected Service Point's suggestions to restructure debt, but that a new proposal is on the table and that Service Point will meet with the banks next week.
To read an updated story, click here.
To read the Yahoo Finance Espanol (in Spanish), click here.
To read Joel Salus' Reprographics 101 blog, which also has been following the situation, click here.