DDL Electronics Sues Ex-Partner in Merger
DDL Electronics announced it has filed a lawsuit against Century Electronics Manufacturing Inc., alleging that Century breached a financing agreement signed in May.
The Newbury Park-based company contended in the suit that Century failed to provide DDL with a $3.3-million loan by June 1 to repay a short-term debt. As a result, on June 30, DDL obtained alternate financing from Thomas M. Wheeler, a private investor.
The previously announced merger of DDL and Century, which was contingent on Century’s performance under the financing agreement, was not consummated, DDL said.
DDL provides design and electronic manufacturing services to the instrumentation, communications, computer, medical and aerospace industries.
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