DVI Inc. has signed a letter of intent to sell certain loan contracts and the assets of the United Kingdom branch of DVI Financial Services Inc., as well as substantially all the assets of its European non-debtor subsidiaries, to ING Lease Holding N.V.
ING has offered approximately $155 million and other financial considerations for the DVI assets. A hearing on the sale is scheduled for Nov. 5 in U.S. Bankruptcy Court for the District of Delaware.
DVI CEO Mark E. Toney said that ING's offer "represents the best possible value for the assets in question."
DVI continues to negotiate for the sale of its U.S. assets. The finance company filed for Chapter 11 protection on August 25
In other company news, Richard E. Miller, DVI executive vice president and president of DVI Financial Services Inc. resigned, as of Oct. 17.