Deco Lighting has officially ceased its operations. The closure has resulted in the termination of all employees, and the bankruptcy case has transitioned from Chapter 11 to Chapter 7. In a letter dated 20 JUN, Andy Sreden, the President of PQL, notified PQL Agents about Deco’s decision to close. Sreden mentioned that a few days after the 15 JUN hearing, Deco informed its employees that their services were no longer required, terminated their employment, and requested the return of keys.
On 15 JUN, EdisonReport reported that the judge had approved the conversion of the bankruptcy case to Chapter 7, allowing a 45-day period for all parties involved to negotiate a resolution. The article quoted Sam Sinai stating that ABS was owed approximately $3.0 million, but we have now discovered that the actual liability owed to ABS is approximately $3.9 million. It is believed that ABS is owned by Babak Sinai, Sam’s brother.
During an emergency hearing held this morning, the bankruptcy was officially converted to Chapter 7. The outcome of the impending asset sale remains uncertain. However, earlier this year, Sam Sinai mentioned that Deco Lighting had achieved sales of approximately $50 million in 2019.
Developing…
Deco
