04 Dec Sale of JT Packard in Verona will preserve 297 jobs
Verona’s JT Packard & Associates Inc. is to be purchased next month in a transaction that will retain all 297 employees, the company’s chief restructuring officer said Thursday.
The Madison-area tech firm filed a plant-closing notice with the state this week, but that was a technical step needed for the firm to be sold in a receivership proceeding, Gregory A. Charleston said. Receivership is a state process somewhat like bankruptcy in which the assets of financially strapped companies – or sometimes the companies themselves – can be sold to pay creditors at least some of what they are owed.
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