Logistics Management Resources Inc. (LMR) has settled its lawsuit with General Electric Capital Corp. Inc. (GECC) in connection with a dispute over certain loan obligations guaranteed by the company.
By agreement, the lawsuit was settled with mutual general releases between GECC and each of the defendants, including the company, in consideration for a payment in the sum of $875,000 which was tendered to GECC.
The complaint against the company and the other defendants will be voluntarily dismissed with prejudice in accordance with the terms of the parties' agreement.
"We feel this settlement is a major accomplishment for the company in that it removes the largest obstacle to the company's rehabilitation," said LMR president & CEO Dan L. Pixler.
LMR has been restructuring since putting its operating subsidiaries in bankruptcy in November 2000.