CORE HEADQUARTERS, LORONAR CAMPUS — Today, President Thrane Blis of Loronor Corporation announced to a group of investors that Bank of the Core, a troubled asset which the Corporation acquired a year prior, will declare bankruptcy and is pending sale. “The bankruptcy filing does not include Bank of the Core’s broker-dealer operations and other units. Those businesses will continue to operate, although we are planning to liquidate them in the near future.” Thrane remarked to the group, “I would like to thank Chairman Xior Sorath, who has piloted other organizations through similar crises with aplomb. Unfortunately, he has suffered from increasingly alarming health problems within the last few months, leaving him with little time to spare actually managing the Bank’s operations. He will return to his prior role at Loronar Corporation as soon as he has been cleared by his medical team.”
A statement released by Mr. Sorath from his private residence on Mondress read, in part, “After an intensive review of strategic alternatives, our Board of Directors determined that a reorganization of the Bank’s businesses was needed. The Board further determined that the restructuring could only be accomplished by filing for bankruptcy. Concurrently, Bank of the Core has announced a going concern sale to an undisclosed partner for aggregate consideration of 750 billion plus certain liabilities. The transaction remains subject to the Bogden District’s Bankruptcy Court approval and other compliance processes which are expected to conclude later in the year.”
“The Bank of the Core Board of Directors and management team have thoroughly assessed our strategic options and financial situation and unanimously agree that this structured sale process represents the best possible solution for the company,” said Durla H`sak, Vice Chairman of the Board and Chief Finance Officer of the Bank. “We believe pursuing this path will provide value to our creditors and preserve hundreds of jobs.”
Asked by an investor whether Thrane considered the acquisition of the Bank as a failure, President Blis replied, “Well, we purchased the Bank a year ago at a bargain price, with the intent to integrate it into our family of organizational partners once we were able to stabilize it. That never happened. Loronar actually profited slightly from our short-term investment into the bank, thanks to the rock-bottom acquisition cost. However, the time has come for us to realize that it is simply not a sustainable investment for us long term. At the end of the day, we are not bankers.”
At this time, no announcement has been made regarding layoffs or branch closures.