11-Year Old Indiana A/V Company Files for Chapter 11
Recently in Fort Wayne, Indiana Audio Visual Integration, Inc., has filed for Chapter 11 bankruptcy protection. The company expects, according to its reorganization plans and President, Anthony Kohrman, to rejuvenate itself and lift itself from bankruptcy by the end of this year.
Roughly six years ago, AVI was noted as the “Small Business of the Year,” and was hailed as such by the Greater Fort Wayne Chamber of Commerce at a Business Expo gathering. Papers filed with the Fort Wayne US Bankruptcy Court division indicate the company has amassed over $1.3 million in debt; with only seven employees, AV’s assets are only worth $189,956.
AVI President Kohrman said, “The economy is hitting our corporate clients, and many of them have scaled back on their travel budget, which means meetings and events in a lot of cases.” And without companies’ travels to major meetings—to give presentations, there isn’t a heck of a lot a specialist in audio visual services to do.
Audio Video, Inc., has serviced hundreds upon hundreds of corporate events throughout the US and Canada. From seminars and major sales meetings to special receptions and lectures, AVI, Inc. has honed in on and claimed a niche for itself in corporate America.
The recession and its inevitable budget cuts have made it difficult for small businesses like Audio Visual Integration, Inc. to survive. When the economy is breathing well, this country embraces specialized, small businesses—the feisty small staff with hungry employees. Their success is what can, oftentimes, fuel everything else including the economy.
Kohrman said, “This is something I care not to wear on my sleeve, but we are working with our bank and will come out a more efficient company.” Founded in 1999, Audio Visual Integration was initially strictly an audio/visual equipment company and rented out its inventory to numerous large corporate entities.Post Tags: Bankruptcy, Chapter 11 bankruptcy