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 on April 2, 2009.
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 CEOJohn KuchariktoldSupply House Timesthat 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
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
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 purchase.
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