The Lassen Companies, Irvine, a holding company for non-chemical cleaning products, has settled its lawsuit against EKCO Group Inc.
Under the terms of the settlement, the price paid by The Lassen Companies for Wright-Bernet and Cleaning Specialty Co. has been reduced by $4.7 million. EKCO also cancelled $2.1 million of additional unsecured debt, released all liens against Wright-Bernet and Cleaning Specialty, and sold all of its intellectual property to The Lassen Companies for $1. In addition, EKCO terminated a corporate guarantee and paid $700,000 for inventory and accounts receivables owed to Wright-Bernet and Cleaning Specialties.
