Reddi Brake Assets Transferred to Trustee

Reddi Brake Supply Corp. in Ventura announced that in accordance with a U.S. Bankruptcy Court order, the assets of its former operating subsidiary, Reddi Brake Supply Co. Inc., were transferred to a court-appointed trustee to settle creditor claims.

The company also reported that the subsidiary’s stock will be transferred from Reddi Brake to a court-approved third party so the subsidiary can be reorganized for the benefit of creditors.

Completion of the bankruptcy will leave Reddi Brake with no significant assets and continuing liabilities of approximately $8 million, primarily from debt and unpaid interest at the parent company level. There are 58.2 common shares and 60,000 shares currently outstanding.

Reddi Brake has no office and no employees. Communications can be directed to Sandford T. Waddell, interim chief executive officer, through voice mail at (805) 644-8355, or by writing to P.O. Box 7919, Ventura, CA 93006-7919.