Contact: Joshua Morby 414.791.9120
Contact: Michael Polsky 414.390.5935
Chapter 128 filing sets course for company to recover and remain in business
Milwaukee – First Edge Solutions, Inc., an innovative multi-channel communication, print and document management company, announced it has filed a petition for receivership under Chapter 128 of the Wisconsin Statutes.
“Today’s filing in Milwaukee County Circuit Court gives us the time and framework to reposition while we continue to operate our business and serve our clients. It is part of a strategic business effort to reposition the company for new growth and success,” said company President and CEO Bobby Kraft.
First Edge Solutions remains in business and expects all jobs to remain in place. The company will continue to accept and fill orders throughout the Chapter 128 process.
The impact of changing health insurance industry had a significant impact on what was once a core segment of the company’s operations. Despite those setbacks, First Edge Solutions is a growing business with a backlog of orders and excellent employees. Today’s filing allows them to keep their workforce, keep buying goods and services from vendors and keep providing customers with the quality products and services they’ve come to expect.
In conjunction with the Chapter 128 filing the company has identified a buyer who intends to submit a bid to purchase the company’s assets and retain First Edge Solutions’ employees under its new ownership and operation of the business.
Michael S. Polsky, a Milwaukee lawyer, will be the court-appointed Receiver. In addition, the court will determine the winning bid for the sale of First Edge Solutions’ assets. No bid deadline has been set at this point.