CANTON, Mass. (Jan. 26)—Plymouth Rubber Co. is negotiating with real estate development companies and other financing sources for an overall refinancing of the firm, including the sale and leaseback of Plymouth Rubber's 40 acres and buildings in Canton.
The pact would be subject to a satisfactory environmental report and other conditions, the company said, noting that if definitive agreements are executed before the end of February, the deal will close in the second quarter of 2005.
The manufacturer of rubber and plastic products also said it has filed certificates with the Securities and Exchange Commission to terminate its obligation to file financial reports under the Securities Exchange Act of 1934. Plymouth Rubber's board of directors said substantial costs associated with remaining a public company outweigh the benefits of having its shares traded in public markets, according to President and Co-CEO Maurice J. Hamilburg.
In early January, the SEC granted the company's application to withdraw the listing of its Class A and Class B common stock on the American Stock Exchange.