AVT Inc. Files For Chapter 11 Protection; Vending Manufacturer Says 'Business As Usual' During Reorganization

Posted On: 5/4/2015

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TAGS: AVT bankruptcy filling AVT Chapter 11, AVT Inc., AVT reorganization, Wayne Salvino, AVT Vending, Automated Vending Technologies Inc.

CORONA, CA -- AVT Inc. said it has filed for Chapter 11 bankruptcy protection. The vending machine manufacturer expects the bankruptcy court will authorize the company to conduct business as usual while it develops a reorganization plan.

AVT management said its core vending and automated retailing business remains strong, and blamed the filing on past attempts at diversification into unrelated businesses. Wayne Salvino, the newly installed president of AVT, emphasized that the filing does not mean that AVT is going out of business.

"We are convinced that the rehabilitative process of Chapter 11 is the best way to protect our company and provide a path to future success," Salvino said. "We remain committed to our roots in developing patentable and proprietary technologies, and plan to continue to operate as an innovative leader in the automated retailing industry."

AVT, previously Automated Vending Technologies Inc., said it will provide additional details regarding the filing as they become available.