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This article was originally published in The Gray Sheet

Executive Summary

Restructuring plan announced March 3 includes anticipated divestiture of two base materials manufacturing plants as well as the firm's White Knight pack and gown product subsidiary. Norcross, Georgia-based Isolyser, which acquired White Knight in September 1995 for roughly $30 mil. ("The Gray Sheet" Aug. 21, 1995, p. 26), notes the plan is focused on continued development of Isolyser's Orex polymer technology and "reducing debt and achieving profitability." Revenues for 1997 declined 3% to $159.9 mil. A net loss of $93.9 mil. for the year compares to a loss of $20.5 mil. in 1996 and includes 1997 charges of $62 mil. related to asset impairment to the materials manufacturing plants and White Knight subsidiary, computer system installations, "and other charges," the firm states...

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