Zohar Waterworks LLC, parent of Tri Palm International, the operating company that includes the Sunroc and Oasis water cooler lines, filed for Chapter 11 bankruptcy protection April 2, 2009.
Tri Palm President and CEO John Kucharik told Supply House
Times that the filing applies only to the company’s U.S. operations, not
to production facilities and service centers. “We will continue to ship and
service our customers as usual,” said Kucharik.
The Chapter 11 filing includes a provision for selling the business May 1.
Patriarch Partners, a private equity firm that owns Zohar Waterworks, will make
what’s known as a “stalking horse bid” to retain ownership. Patriarch formed
Zohar in 2005 via the acquisition of Oasis Corp.’s assets.
According to Kucharik, the company has been impacted like most other businesses
by the global economic downturn. He also blamed its troubles on complications
from restructuring and some legacy litigation left over from the original
“Despite these problems, we’ve made positive strides in customer service
ratings, and we’re getting a lot of positive support from vendors and
customers,” said Kucharik. “I expect it will take a few months rather than years
for us to work our way out of this filing.”
Oasis/Sunroc Parent Declares Chapter 11
April 9, 2009