Asset Sales Databank - 1st Circuit

A Cordero Badillo Inc., Docket No. 3:10-10705 (Bankr. D.P.R. Nov. 12, 2010)

abi_admin — Thu, 27 Jan 2011 18:58:38 +0000

Status:

Pending

Description of Assets:

The Debtor’s going concern and all of the equipment located at Debtor’s former Supermercado Grande in Orocovis, Puerto Rico.

8 years 7 weeks ago

Price Range:

500K - 1M

Proposed Sale Price:

$800,000

Required Deposit:

$100,000

Objection Filed to Proposed Terms:

Yes

Proposed Terms Modified:

Reported Decision:

None

Submitter and Affiliation:

Asset_Admin and Cassandra Sepanik

Today's Date:

Thu, 2011-01-27

In re New England Building Materials, LLC, Case No. 12-20109 (Bankr. D. Me. Feb. 14, 2012)

Wed, 28 Aug 2013 20:48:22 +0000

Status:

Completed

Judge:

Haines

Sale of Substantially All Assets:

Description of Assets:

Remaining retail inventory

6 years 25 weeks ago

Sale Approval Date:

Wed, 2012-07-25

Price Range:

1M - 5M

Proposed Sale Price:

[book value of inventory listed at $1,137,000]

Stalking Horse:

N/A

Credit Bid:

N/A

Was Break-up fee allowed?:

N/A

Objection Filed to Proposed Terms:

Yes

If yes, provide details:

Secured creditor with junior lien (to DIP financier) demanded that it receive sale proceeds or that proceeds be escrowed until court determines distribution rights

Proposed Terms Modified:

Yes

If yes, provide details:

First $145,000 of sale proceeds to be escrowed as adequate protection for objecting secured creditor

Purchaser:

N/A

Actual Sale Price:

N/A

Submitter and Affiliation:

Greg Capone, Weil, Gotshal & Manges LLP

Today's Date:

Wed, 2013-08-28

In re New England Building Materials, LLC, Case No. 12-20109 (Bankr. D. Me. Feb. 14, 2012)

Wed, 28 Aug 2013 19:27:38 +0000

Status:

Completed

Judge:

Haines

Sale of Substantially All Assets:

Description of Assets:

16 trucks and 10 forklifts

5 years 41 weeks ago

Sale Approval Date:

Fri, 2013-04-05

Price Range:

250K - 500K

Proposed Sale Price:

$438,000

Stalking Horse:

N/A

Credit Bid:

N/A

Was Break-up fee allowed?:

N/A

Objection Filed to Proposed Terms:

Yes

If yes, provide details:

Creditors' Committee requested that proceeds be escrowed until DIP lender's perfection of security interest in vehicles could be confirmed/challenged

Proposed Terms Modified:

Yes

Purchaser:

Dartmouth Building Supply; George’s Garage; Koopman Lumber Co.; Pier 37, Inc.; Pool Builders; M&G Material Handling; and Roma Materials

Actual Sale Price:

$438,000

Submitter and Affiliation:

Greg Capone, Weil, Gotshal & Manges LLP

Today's Date:

Wed, 2013-08-28

In re New England Building Materials, LLC, Case No. 12-20109 (Bankr. D. Me. Feb. 14, 2012)

Wed, 28 Aug 2013 18:44:03 +0000

Status:

Completed

Judge:

Haines

Sale of Substantially All Assets:

Description of Assets:

Real property parcel in Cumberland Cty, Maine

5 years 41 weeks ago

Sale Approval Date:

Tue, 2013-04-30

Price Range:

1M - 5M

Proposed Sale Price:

$1,700,000

Stalking Horse:

Yes

If yes, who?:

SF Limited Liability Co.

Credit Bid:

N/A

Qualified Bidder Requirements:

No financing conditions permitted

Required Deposit:

$25,000

Was Break-up fee allowed?:

N/A

Objection Filed to Proposed Terms:

Yes

If yes, provide details:

Limited response by DIP financier providing support for sale, so long as sale abides by terms of cash collateral order

Proposed Terms Modified:

Purchaser:

SF Limited Liability Co.

Actual Sale Price:

$1,700,000

Submitter and Affiliation:

Greg Capone, Weil, Gotshal & Manges LLP

Today's Date:

Wed, 2013-08-28

In re New England Building Materials, LLC, Case No. 12-20109 (Bankr. D. Me. Feb. 14, 2012)

Wed, 28 Aug 2013 16:26:07 +0000

Status:

Completed

Judge:

Haines

Sale of Substantially All Assets:

Description of Assets:

Pallet racks used to store windows and other items

5 years 31 weeks ago

Sale Approval Date:

Tue, 2013-06-25

Price Range:

0-250K

Proposed Sale Price:

$30,000

Stalking Horse:

N/A

Credit Bid:

N/A

Was Break-up fee allowed?:

N/A

Objection Filed to Proposed Terms:

Proposed Terms Modified:

Purchaser:

American Material Handling Corp.

Actual Sale Price:

$30,000

Submitter and Affiliation:

Greg Capone, Weil, Gotshal & Manges LLP

Today's Date:

Wed, 2013-08-28

In re New England Building Materials, LLC, Case No. 12-20109 (Bankr. D. Me. Feb. 14, 2012)

Wed, 28 Aug 2013 16:19:53 +0000

Status:

Completed

Judge:

Haines

Sale of Substantially All Assets:

Description of Assets:

Small parcel of real property (campsite)

5 years 29 weeks ago

Sale Approval Date:

Tue, 2013-07-23

Price Range:

0-250K

Proposed Sale Price:

$50,000 with $5k down

Stalking Horse:

N/A

Credit Bid:

N/A

Was Break-up fee allowed?:

N/A

Objection Filed to Proposed Terms:

Yes

If yes, provide details:

Limited objection by Creditors' Committee to escrow proceeds pending determination of whether DIP lender is entitled to any such proceeds

Proposed Terms Modified:

Yes

If yes, provide details:

Order amended to escrow proceeds, per Creditors' Committee's objection

Purchaser:

DRW, LLC

Actual Sale Price:

$50,000

Submitter and Affiliation:

Greg Capone, Weil, Gotshal & Manges LLP

Today's Date:

Wed, 2013-08-28

In re New England Building Materials, LLC, Case No. 12-20109 (Bankr. D. Me. Feb. 14, 2012)

Wed, 28 Aug 2013 16:01:19 +0000

Status:

Completed

Judge:

Haines

Sale of Substantially All Assets:

Description of Assets:

3 pieces of lumber equipment: (i) cantilevered yard racking; (ii) 2004 16’ flat truck; (iii) Toyota forklift

5 years 27 weeks ago

Sale Approval Date:

Wed, 2013-07-10

Price Range:

0-250K

Proposed Sale Price:

$36,625 total for all 3 pieces

Stalking Horse:

N/A

Credit Bid:

N/A

Was Break-up fee allowed?:

N/A

Objection Filed to Proposed Terms:

Proposed Terms Modified:

Purchaser:

Mahoney Lumber Co. (cantilevered yard racking); Edward Zine (2004 16’ flat truck); Dartmouth Building Supply (Toyota forklift)

Actual Sale Price:

$36,625

Submitter and Affiliation:

Greg Capone, Weil, Gotshal & Manges LLP

Today's Date:

Wed, 2013-08-28

In re Robert Hicks, Jr. and Jennifer B. Hicks, Docket No. 1:08-bk-14955 (Bankr. D. Mass. July 3, 2008)

Thu, 02 Jun 2011 23:54:40 +0000

Status:

Completed

Link to Docket:

Click here

Description of Assets:

One 2000 Toyota Tundra Pickup Regular Cab Truck (VIN # 5TBKT4419YS007248).

10 years 26 weeks ago

Price Range:

0-250K

Proposed Sale Price:

Value of not less than $2,000.

Bid Protection Ratio:

None

Qualified Bidder Requirements:

None

Supplemental Bid Requirements:

None

Due Diligence Limitations:

None

Required Deposit:

None

Initial Over Bid Requirement and Bid Increment Data:

None

Bid Protections (including break up fees, cost reimbursements, etc.):

None

Procedures concerning contracts and leases (§365):

None

Objection Filed to Proposed Terms:

Proposed Terms Modified:

Actual Sale Price:

Not specified.

Reported Decision:

None

Submitter and Affiliation:

Jason W. Harbour, Partner at Hunton & Williams LLP, Richmond, Virginia

Today's Date:

Sat, 2011-04-23

GPX International Tire Corp., No. 1:09-bk-20170 (Bankr. D. Mass. Oct. 26, 2009)

Fri, 29 Apr 2011 20:10:40 +0000

Status:

Completed

Description of Assets:

Debtor’s assets related to its off-highway tire business and truck tire business, more fully described in the Qualified Bidder Status below.

9 years 9 weeks ago

Price Range:

50M - 100M

Proposed Sale Price:

$40,530,000 (cash purchase price of $35,230,000 and assumption of liabilities of $5,300,000)

Bid Protection Ratio:

N/A

Qualified Bidder Requirements:

The Bid Procedures Order is hereby modified to provide that the following bid procedures shall apply to the sale of the Solid Tire Assets: a. Competing bids may be submitted for either (i) the Alliance Assets; (ii) the Dynamic Assets; (iii) the Solid Tire Assets; or (iv) all or any combination of the foregoing (collectively the “Combined Assets”). b. Any competing bid shall be deemed to qualify as competing bid (a “Competing Bid”) only if: (i) made upon terms substantially similar to those set forth in the APAs for the purchase of substantially all of the assets described in the respective APA, (ii) made upon terms substantially similar to those set forth in the Ancillary Agreements, and (iii) (A) for the Alliance Assets for a cash amount of not less than $35,230,000 and assumed liabilities and/or additional cash consideration, or a combination thereof, of not less than the amount of assumed liabilities provided for under the Alliance APA (current estimate of $5,300,000) (the “Alliance Overbid”), (B) for the Dynamic Assets for an amount of not less than $24,665,000 plus an amount equal to all of Dynamic’s cash and cash equivalents as of the Closing Date, as defined in the Dynamic APA (the “Dynamic Overbid”), (C) for the Solid Tire Assets for a cash amount of not less than $10,450,000 and assumed liabilities and/or additional cash consideration, or a combination thereof, of not less than the amount of assumed liabilities provided for under the solid Tire APA (current estimate of $1,300,000) (the “Solid Tire Overbid”) and (D) for a Competing Bid involving two or more of the combined Assets for an amount of not less than the aggregate of the Alliance Overbid (if applicable), the Dynamic Overbid (if applicable), and the Solid Tire Overbid (if applicable) and (iv) such competing bid contains the information and satisfies the requirements for constituting a “Competing Bid” set forth in the other clauses of Paragraph 3 of this Order. c. A Competing Bid must contain a case caption as set forth above and be filed, in accordance with the applicable Federal and Local Rules of Bankruptcy Procedure, with the United States Bankruptcy Court for the District of Massachusetts on or before 4:30 p.m. on December 2, 2009 (the “Private Sale Bidding Deadline”). A Competing Bid must be served on (a) counsel for the Debtor (b) counsel for the Debtor’s prepetition lender (c) Office of the United States Trustee (d) counsel for Alliance (e) counsel for Ontario (f) counsel for MITL (collectively the “Service Parties”). d. A Competing Bid that includes either the Alliance Assets and/or the Dynamic Assets and/or the Solid Tire Assets must be accompanied by an executed asset purchase agreement in the form of the respective asset purchase agreement, or, in the case of a Competing Bid including two or more of the Alliance Assets, the Dynamic Assets, and/or the Solid Tire Assets, all applicable APAs, in all cases with such changes as are acceptable to the entity submitting the Competing Bid, including a purchase price expressed in U.S. Dollars and accompanied by all exhibits and schedules thereto (a “Competing APA”). e. A Competing Bid for the Alliance Assets, the Dynamic Assets and/or the Solid Tire Assets must be accompanied by a marked copy of the competing APA(s) showing changes from the respective asset purchase agreement. f. The terms and conditions of the Competing Bid must be, in aggregate, not materially more burdensome to the Debtor than the provisions contained in the applicable asset purchase agreement and the applicable Ancillary Agreements. A Competing Bid must not be subject to contingencies for financing or the completion of due diligence. g. Any competing bidder must delivery a cash deposit to counsel for the Debtor at the time of submission of such bid. The cash deposit shall be in the form of a certified check or wire transfer, and must be received on or before the Bidding Deadline. The deposit delivered by a competing bidder will be forfeited in the event that such competing bidder is the successful bidder and fails to close on the sale through no fault of the Debtor. For the Alliance Assets, the deposit shall be $1,000,000. For the Dynamic Assets the deposit shall be $1,250,000. For the Solid Tire Assets the deposit shall be $450,000. For two or more of the Combined Assets the deposit shall be aggregate of the applicable deposits for each separate asset group. h. Any party submitting a Competing Bid shall demonstrate to the Debtor’s satisfaction that: (i) it is financially able to consummate the transactions contemplated by the Competing Bid, which ability may be demonstrated by submission of bank statements, current audited or unaudited financial statements, or other reasonable evidence or, if the bidder is an entity formed for the purpose of acquiring the assets in question, current audited or unaudited financial statements or other reasonable evidence of the financial capability of the equity holders of the bidder, (ii) it is able to perform under the Ancillary Agreements, (iii) it is able to perform under any assumed contracts and/or leases, (iv) it is able to fulfill any remaining obligations under the respective asset purchase agreement(s), and (v) it has written evidence of a financing commitment sufficient to permit the consummation of the transactions in questions. i. Any party who wishes to view available information with respect to the Alliance Assets, the Dynamic Assets and/or the Solid Tire Assets must execute a confidentiality agreement with the Debtor containing customary non-solicit and non-hire obligations and a standstill with respect to any customers (that are not current customers of such party) covered in any commercial data provided to such party. All such confidentiality agreements shall have a 2-year term and shall be assignable to the buyer of the Alliance Assets, the Dynamic Assets and/or the Solid Tire Assets, as applicable, and will be included as “Purchases Assets” under the Alliance APA, as “Included Assets” under the Dynamic APA, and/or “Purchased Assets” under the Solid Tire APA, as applicable. j. Any auction for the Alliance Assets, the Dynamic Assets, the Solid Tire Assets and/or the Combined Assets shall be held only if there is a Competing Bid for the respective assets. In the absence of a Competing Bid, the Debtor shall seek approval of the sales to Alliance, Ontario and/or MITL, as applicable. k. Bidding at any auction for the Alliance Assets, the Dynamic Assets, the Solid Tire Assets or the Combined Assets shall be conducted by the Court immediately prior to the Sale Hearing in accordance with bidding procedures to be announced at the time of the auction. The auction shall take place at the Court. The auction shall be by open bid, provided that the Debtor reserves the right to request that the Court conduct the auction by sealed bid(s). Any bids for the Alliance Assets, the Dynamic Assets, the Solid Tire Assets or the Combined Assets after the initial Competing Bid for the Alliance Assets, the Dynamic Assets, the Solid Tire Assets or the Combined Assets, as applicable, shall be accepted only if the cash portion of such bid is at least $100,000 greater than the previously submitted bid (subject to clauses (m) and/or (n) below, as applicable). To the extent a Competing Bid includes additional cash consideration in lieu of assumed liabilities (as permitted by paragraph 3(a) above), for purposes of the foregoing sentence the assumption of liabilities shall be deemed to be part of the cash portion of any bid submitted by any other party (but solely to such extent and solely for such purpose). l. Any party submitting a Competing Bid must agree to keep its offer open for at least twenty-three (23) days following the entry of an order approving the sale of the Alliance Assets, the Dynamic Assets, the Solid Tire Assets and/or the Combined Assets and must agree to close in the event the party who submits the successful bid fails to close. m. At the auction, the Debtor will take the Alliance Termination Fee into account when considering which offer constitutes the highest and best offer, and with respect to the minimum incremental overbid requirement established pursuant to clause (k) above, with respect to the Alliance Assets or, if applicable, the Combined Assets. n. At the auction, the Debtor will take the Dynamic Expense Reimbursement into account when considering which offer constitutes the highest and best offer, and with respect to the minimum incremental overbid requirement established pursuant to clause (k) above, with respect to the Dynamic Assets or, if applicable, the Combined Assets. o. At the auction, the Debtor will take the MITL Termination Fee into account when considering which offer constitutes the highest and best offer, and with respect to the minimum incremental overbid requirement established pursuant to clause (k) above, with respect to the Solid Tire Assets or, if applicable, the Combined Assets.

Supplemental Bid Requirements:

See above, included

Due Diligence Limitations:

Any party who wishes to view available information with respect to the Alliance Assets, the Dynamic Assets and/or the Solid Tire Assets must execute a confidentiality agreement with the Debtor containing customary non-solicit and non-hire obligations and a standstill with respect to any customers (that are not current customers of such party) covered in any commercial data provided to such party. All such confidentiality agreements shall have a 2-year term and shall be assignable to the buyer of the Alliance Assets, the Dynamic Assets and/or the Solid Tire Assets, as applicable, and will be included as “Purchases Assets” under the Alliance APA, as “Included Assets” under the Dynamic APA, and/or “Purchased Assets” under the Solid Tire APA, as applicable.

Required Deposit:

For the Alliance Assets, the deposit shall be $1,000,000. For the Dynamic Assets the deposit shall be $1,250,000. For the Solid Tire Assets the deposit shall be $450,000. For two or more of the Combined Assets the deposit shall be aggregate of the applicable deposits for each separate asset group.

Initial Over Bid Requirement and Bid Increment Data:

Any bids for the Alliance Assets, the Dynamic Assets, the Solid Tire Assets or the Combined Assets after the initial Competing Bid for the Alliance Assets, the Dynamic Assets, the Solid Tire Assets or the Combined Assets, as applicable, shall be accepted only if the cash portion of such bid is at least $100,000 greater than the previously submitted bid.

Bid Protections (including break up fees, cost reimbursements, etc.):

The provisions of the Solid Tire APA requiring the Debtor to pay the Break-Up Fee or the Expense Reimbursement, if and when either such obligation arises under the terms and conditions set forth therein, are hereby approved and incorporated herein by reference as if fully set forth herein; provided, however, that in all instances, such Expense Reimbursement or Break-Up Fee, as the case may be, shall be limited to the reasonable, out-of-pocket fees, costs and expenses of MITL in an aggregate amount not to exceed $350,000 incurred in connection with the Solid Tire APA, the transactions contemplated by or related to the Solid Tire APA or the Debtor’s bankruptcy case, including without limitation, due diligence fees, costs and expenses; attorneys’ and accountants’ fees and expenses; commitment fees; appraisal fees; environmental site assessments; and any fees, costs and expenses related to any financing sought or obtained by MITL. MITL’s right to the Break-Up Fee or the Expense Reimbursement, under the terms and conditions set forth in the Solid Tire APA, as amended by this order, is hereby deemed to be an allowed administrative expense claim against the Debtor under Section 503(b) of the Bankruptcy Code. The Debtor is authorized and directed to pay the Break-Up Fee or the Expense Reimbursement in the time and manner set forth in the Solid Tire APA, as amended by this order, if and when the Debtor’s obligation arises thereunder, without any other or further order of this Court, unless a party in interest objects to the amount of expenses claimed.

Bid protections as percent of proposed price:

N/A

Procedures concerning contracts and leases (§365):

Debtor authorized to (a) assume and assign to the Buyer each of the Purchased Contracts free and clear of all liens and claims and (b) execute and deliver to the Buyer such agreements, instruments and other documents as may be necessary or appropriate to assign and transfer the Purchased Contracts to the Buyer. There shall be no rent accelerations, assignment fees, penalties, increases or any other fees charged to the Debtor or the Buyer as a result of the assumption or assignment of the Purchased Contracts. Each non-Debtor party to any Purchased Contract that has not filed a timely objection to the assumption and assignment of its Purchased Contract is forever barred, estopped and permanently enjoined from asserting, prosecuting or otherwise pursuing the Debtor for amounts that may be owed under such Purchased Contracts.under Section 365(c)(1)(B) and (f). Each non-Debtor party to any Purchased Contract that has not filed a timely objection to any Final Cure Costs is hereby deemed to have waived any claim against the Debtor for amounts that may be owed to cure any defaults under such Purchased Contracts.

Objection Filed to Proposed Terms:

Yes

Proposed Terms Modified:

Yes

Actual Sale Price:

$54,200,000 (cash purchase price of $46,700,00 and assumption of liabilities of $5,300,000)

Reported Decision:

None

Submitter and Affiliation:

Michael P. Carrington; Pullman & Comley, LLC

Today's Date:

Fri, 2011-04-29

In re Modern Continental Construction Co., Inc., Docket No. 1:08-bk-14558 (Bankr. D. Mass. June 23, 2008)

Thu, 28 Apr 2011 20:38:28 +0000

Status:

Completed

Link to Docket:

Click here

Description of Assets:

Real property known as Lot 32, Bishops Way, Castle Hill Estates II, North Reading, Massachusetts (the “Property”). The Property was a vacant lot located on a development.

10 years 27 weeks ago

Proposed Sale Price:

$200,000 (the “Purchase Price”) via private sale to Elite Construction Co. Inc. (the “Buyer”).

Bid Protection Ratio:

Not specified.

Qualified Bidder Requirements:

Alternative offers had to be in writing, filed with the Clerk of the Bankruptcy Court, and served upon the Debtor’s counsel and the United States Trustee. To qualify, the offer must have been in excess of 105% of the Purchase Price, subject to terms substantially consistent to or more favorable than the terms of the Purchase & Sale Agreement and subject to no further due diligence nor any other conditions precedent to the consummation of the sale.

Supplemental Bid Requirements:

None.

Due Diligence Limitations:

Not specified.

Required Deposit:

The Buyer paid a deposit of $5,000, held in escrow until the closing of the sale (the “Closing”). Any other bidders were also required to submit a $5,000 deposit in the form of a certified bank check or cash.

Initial Over Bid Requirement and Bid Increment Data:

Alternative offers were required to be in excess of 105% of the $200,000 purchase price, or for at least $210,000 (including a deposit of $5,000).

Bid Protections (including break up fees, cost reimbursements, etc.):

Not specified.

Bid protections as percent of proposed price:

Not specified.

Objection Filed to Proposed Terms:

Proposed Terms Modified:

Actual Sale Price:

$200,000

Reported Decision:

None

Submitter and Affiliation:

Jason W. Harbour, Partner at Hunton & Williams LLP, Richmond, Virginia

Today's Date:

Thu, 2011-04-28