Office Interiors of Virginia’s headquarters is a large warehouse near RIC.
A clearer picture of the financial state of the recently bankrupt Office Interiors of Virginia is coming into focus.
New filings in the Henrico-based company’s Chapter 11 bankruptcy reorganization proceedings, which began April 16, show the 35-year-old office furnishings firm has assets of $1.8 million and $3.84 million in liabilities, $2 million of which is owed to secured creditors.
Upon filing for Chapter 11 protection last month, the company said the process will allow it to remain in business and retain its 35 employees while attempting to sell the business or restructure its debts.
Founded in Ashland in 1988, the company offers office furniture, office space design and construction, office moving and other services.
Brittany Falabella, an attorney with the Hirschler law firm handling OIVA’s bankruptcy, said this week that there’s been some movement toward a sale.
“We have had some folks show some interest,” Falabella said, adding that more information could be filed with the bankruptcy court this week.
The latest filings in the case detail the company’s financial position.
Its largest secured creditor is First Community Bank, which is owed $1.25 million and has a blanket lien as part of its secured position.
Other secured creditors include lenders of the dozens of vehicles the company holds. That vehicle fleet is valued at more than $550,000. The bulk of its unsecured creditors are dozens of firms owed for goods and services.
Filings show the company has $68,000 in cash on hand and $889,000 in accounts receivable.
OIVA said in earlier filings that its troubles began shortly after its cofounders both died unexpectedly and it was sold to new ownership in February 2020. The company’s current owner is listed in filing as Othniel Glenwood Jordan, who is also its CEO.
Falabella said the timing of that 2020 sale couldn’t have been worse, as the pandemic threw the future of office space into an unprecedented gray area, parts of which continue to linger.
According to its latest filings, the company reported revenue of $4.57 million in 2021, $7.8 million in 2022 and $845,000 through the first quarter of 2023.
Office Interiors of Virginia’s headquarters is a large warehouse near RIC.
A clearer picture of the financial state of the recently bankrupt Office Interiors of Virginia is coming into focus.
New filings in the Henrico-based company’s Chapter 11 bankruptcy reorganization proceedings, which began April 16, show the 35-year-old office furnishings firm has assets of $1.8 million and $3.84 million in liabilities, $2 million of which is owed to secured creditors.
Upon filing for Chapter 11 protection last month, the company said the process will allow it to remain in business and retain its 35 employees while attempting to sell the business or restructure its debts.
Founded in Ashland in 1988, the company offers office furniture, office space design and construction, office moving and other services.
Brittany Falabella, an attorney with the Hirschler law firm handling OIVA’s bankruptcy, said this week that there’s been some movement toward a sale.
“We have had some folks show some interest,” Falabella said, adding that more information could be filed with the bankruptcy court this week.
The latest filings in the case detail the company’s financial position.
Its largest secured creditor is First Community Bank, which is owed $1.25 million and has a blanket lien as part of its secured position.
Other secured creditors include lenders of the dozens of vehicles the company holds. That vehicle fleet is valued at more than $550,000. The bulk of its unsecured creditors are dozens of firms owed for goods and services.
Filings show the company has $68,000 in cash on hand and $889,000 in accounts receivable.
OIVA said in earlier filings that its troubles began shortly after its cofounders both died unexpectedly and it was sold to new ownership in February 2020. The company’s current owner is listed in filing as Othniel Glenwood Jordan, who is also its CEO.
Falabella said the timing of that 2020 sale couldn’t have been worse, as the pandemic threw the future of office space into an unprecedented gray area, parts of which continue to linger.
According to its latest filings, the company reported revenue of $4.57 million in 2021, $7.8 million in 2022 and $845,000 through the first quarter of 2023.