Ronson Corporation (the “Company”) announced that it has initiated plans to divest Ronson Aviation, its wholly-owned subsidiary engaged as a fixed-base operator at Trenton-Mercer Airport. Ronson Aviation provides aircraft fueling and servicing, avionics sales, aircraft repairs and maintenance, hangar and office leasing and related services.
The Company is in the process of procuring prospective purchasers so as to maximize the value of its aviation division, permit it to satisfy outstanding indebtedness, including to its principal lender, Wells Fargo Bank, National Association, and provide working capital to support and focus on its consumer products business. The Company’s objective is to consummate a transaction prior to the end of the second quarter, subject to identifying and reaching agreement with a prospective purchaser, obtaining shareholder approval and meeting other conditions that may be contained in definitive documentation once negotiated.
