Office Interiors of Virginia’s headquarters is a large warehouse near RIC.
A potential suitor has swooped in to pull a local office furniture company out of bankruptcy – and he comes from within the ranks of the company itself.
William Ray Miller, COO of Henrico-based Office Interiors of Virginia, is bidding to buy his employer, which is currently in Chapter 11 bankruptcy.
OIVA sought bankruptcy protection on April 16, stating in court records that it took a financial hit from a combination of factors prompted by the pandemic.
Its plan going into bankruptcy was to keep creditors at bay and remain open for business while either reorganizing its debts or finding a buyer.
Court records this month show that its bankruptcy attorneys and bankruptcy trustee are focused on a sale of the company’s assets and have received an initial offer from Miller with a proposed purchase price of $1.37 million.
That price includes Miller’s assuming $1.25 million worth of the company’s debts owed to First Community Bank, plus $150,000 in cash.
While court records state that Miller is not an owner of OIVA, he is personally obligated as guarantor on some of the company’s debts. The money owed to First Community Bank accounts for the largest secured debt on OIVA’s balance sheet.
If approved by the court, Miller’s bid would become the so-called stalking horse bid, which would set a floor price that could be increased by other potential bidders.
Court records state that if other bids come in, an auction would be held on June 14.
Brittany Falabella, an attorney with the Hirschler law firm representing OIVA in its Chapter 11 case, said Miller’s offer has not yet been formally established as the stalking horse bid by the bankruptcy court and the OIVA bankruptcy estate is “still actively soliciting for any interested parties.”
“There has been interest in this company. We’re trying to reach as many potentially interested parties as possible,” Falabella said.
Miller could not be reached for comment by press time.
OIVA was founded in Ashland in 1988, offering office furniture, office space design and construction, office moving and other services.
The 35-year-old company has around 35 employee and reported assets of $1.8 million and $3.84 million in liabilities, $2 million of which is owed to secured creditors.
OIVA said in earlier court 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 filings as Othniel Glenwood Jordan, who is also its CEO. He owns 100 percent of the company, filings state.
Falabella previously 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 potential suitor has swooped in to pull a local office furniture company out of bankruptcy – and he comes from within the ranks of the company itself.
William Ray Miller, COO of Henrico-based Office Interiors of Virginia, is bidding to buy his employer, which is currently in Chapter 11 bankruptcy.
OIVA sought bankruptcy protection on April 16, stating in court records that it took a financial hit from a combination of factors prompted by the pandemic.
Its plan going into bankruptcy was to keep creditors at bay and remain open for business while either reorganizing its debts or finding a buyer.
Court records this month show that its bankruptcy attorneys and bankruptcy trustee are focused on a sale of the company’s assets and have received an initial offer from Miller with a proposed purchase price of $1.37 million.
That price includes Miller’s assuming $1.25 million worth of the company’s debts owed to First Community Bank, plus $150,000 in cash.
While court records state that Miller is not an owner of OIVA, he is personally obligated as guarantor on some of the company’s debts. The money owed to First Community Bank accounts for the largest secured debt on OIVA’s balance sheet.
If approved by the court, Miller’s bid would become the so-called stalking horse bid, which would set a floor price that could be increased by other potential bidders.
Court records state that if other bids come in, an auction would be held on June 14.
Brittany Falabella, an attorney with the Hirschler law firm representing OIVA in its Chapter 11 case, said Miller’s offer has not yet been formally established as the stalking horse bid by the bankruptcy court and the OIVA bankruptcy estate is “still actively soliciting for any interested parties.”
“There has been interest in this company. We’re trying to reach as many potentially interested parties as possible,” Falabella said.
Miller could not be reached for comment by press time.
OIVA was founded in Ashland in 1988, offering office furniture, office space design and construction, office moving and other services.
The 35-year-old company has around 35 employee and reported assets of $1.8 million and $3.84 million in liabilities, $2 million of which is owed to secured creditors.
OIVA said in earlier court 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 filings as Othniel Glenwood Jordan, who is also its CEO. He owns 100 percent of the company, filings state.
Falabella previously 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.