Champion Industries sells assets of two subsidiaries - WBOY.com: Clarksburg, Morgantown: News, Sports, Weather

Champion Industries sells assets of two subsidiaries

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Champion Industries of Huntington has sold the physical assets of subsidiaries in Kingsport, Tenn., and Cincinnati to pay down debts.

According to a filing with the Securities and Exchange Commission, Champion sold substantially all the machinery and equipment of Donihe Graphics Inc. of Kingsport and the Merten Co. of Cincinnati to Graphics International, a North Carolina limited liability company, on Dec. 4.

The sale price was $1.1 million, or $1.05 million net of selling commissions, with another $175,000 due if certain real estate in Kingsport is sold to Graphics International before Dec. 25.

Proceeds of the sale were used to pay the bullet note issued by Champion pursuant to the terms of the first amended and restated credit agreement dated Oct. 19 among Champion and various lenders and Fifth Third Bank.