News From PSA Security Network, Sonitrol, Protection One
PSA Security Network Cashes In for Las Vegas Conference
An expanded exhibit space and expanded offerings greeted PSA Security Network members at the 2004 PSA Conference March 15-21 in Las Vegas. For the first time the members-only PSA event was combined with the National Systems Contractors Association (NSCA) Systems Integration Expo at the Las Vegas Convention Center and the Flamingo Hotel.
More than 11,000 attended the combined event. “I’m proud of PSA and our vendors for being willing to break out of the standard conference we have held in the past and step out into new opportunities,” PSA President and CEO Bill Bozeman says.
Tyco Sells Sonitrol to Private Investors
Tyco Int’l Ltd. has sold off electronic security firm Sonitrol Inc. to a group of three private investors. As part of the deal, Chris Cobb stepped down as Sonitrol president and CEO so that he could remain with Tyco’s ADT division. Kevin Dowd, formerly president and CEO with Checkpoint Systems Inc., has been named Sonitrol chairman and CEO.
Protection One Open to Filing for Bankruptcy as Part of Restructuring
Protection One is considering as an option a restructuring plan that would include filing for Chapter 11 bankruptcy. In an annual report, form10-K filed by Protection One with the Securities and Exchange Commission, the company says it continues “to face liquidity problems caused by our significant debt burden and continuing net losses” and is in discussions with its other debt holders on a restructuring plan that would be filed under Chapter 11 of the U.S. Bankruptcy Code.
A spokesperson with Protection One, sold by Westar Energy Inc. to the Quadrangle Group LLC on Feb. 13, cautions that Chapter 11 is only one of the options the company is considering to deal with its debt. “As a result of our former parent’s sale of its interests in our company … we must account for a number of different scenarios that could possibly happen,” says Protection One spokeswoman Robin Lampe.
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