Cloud Clears Over Protection One’s Finances
TOPEKA, Kan. — In a deal that eliminates the possibility of it filing for Chapter 11 bankruptcy protection, security systems provider Protection One has reached an agreement with its lenders and its former parent company that will reduce its debt by nearly $200 million.
Protection One President and CEO Richard Ginsburg says the agreements announced Nov. 15 take bankruptcy out of the realm of possibility and remove the cloud of restructuring that has been hanging over the company.
“That distraction is gone and the employees here are ready to compete and see what we can do,” Ginsburg says.
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