OPS Power Completes Purchase of OnLine Power Supply
The Bankruptcy Court for the District of Colorado in the Chapter 11 case of OnLine Power Supply Inc. (OPS, Centennial, CO) (Case No. 04-20467 ABC) approved the sale of certain of the company's assets to OPS Power LLC. The purchase price is $400,000. The closing of the sale is scheduled to occur on August 30, 2004.
The company plans to convert the case to a Chapter 7 liquidation on or about September 30, 2004. Thereafter, the administration of the case, including the liquidation and distribution of the company's remaining assets, will be conducted by a Chapter 7 trustee. At the present time the company does not expect there will be any distributions to the company's shareholders.