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Public Notice of Asset Auction: Recycler of Post-Consumer Plastics, Re-Poly, LLC

Public Notice Of Sale Of Recycler Of Post-Consumer Plastics, Re-Poly, LLC – Bid Deadline November 5th

1. What is being sold? The assets of the following companies: Re-Poly, LLC, a Missouri limited liability company (“Re-Poly”), and Rhino Ventures, LLC, a Kentucky limited liability company (“Rhino” and, together with Re-Poly, the “Re-Poly Entities”).

2. What is the business of the Re-Poly Entities? Re-Poly is a recycler of post-consumer plastics specializing in difficult material streams, including large mixed rigid plastic (“MRP”). Located in St Louis MO, the company operates as a polyethylene and polypropylene reclaimer. The plant utilizes a proprietary process that is specifically designed to shred, wash, sort, and granulate a mixed material intake and can also process materials with high levels of metal contamination. Rhino owns two parcels of real estate, both of which are leased, and Re-Poly is a tenant.

3. When is the sale? There will be an auction (the “Auction”) on November 6, 2020 at 10:00 a.m. CT in order to determine the highest and best Bid (the “Successful Bidder”) for the assets of the Re-Poly Entities if at least one Qualified Bid (as defined in the Sale Procedures Order) has been submitted.

4. How do you make a Qualified Bid?

  1. Except as otherwise provided in the Sale Procedures, which are provided in the Supporting Documents section at the bottom of this listing (the “Sale Procedures”), any party that wishes to take part in the Auction must submit a bid (a “Bid”) by no later than 4:00 CT on November 5, 2020 (the “Bid Deadline”) and in accordance with the Sale Procedures.
  2. Potential bidders are encouraged to review the requirements set forth in the Sale Procedures carefully and, for further information, are invited to contact the Receiver’s counsel, Lathrop GPM LLP, Attn: Bryan E Minier ([email protected]); or Receiver’s investment banker Ravinia Capital Partners, LLC, Attn: Eric Welchko ([email protected]).
  3. As described in the Sale Procedures, a Qualified Bid must include an executed asset purchase agreement, in the form of the Stalking Horse APA (the “Stalking Horse APA”), which is also provided in the Supporting Documents section at the bottom of this listing, and must contain substantially all of the terms and conditions contained in the Stalking Horse APA, with the exception of: (i) the requirement of an increased purchase price, (ii) revisions to account for the property offered to purchase, if less than all of the Acquired Assets, and (iii) revisions to account for Qualified Credit Bids. A proposed Qualified Credit Bid or Qualified Bid must not include any provisions for a break-up fee, expense reimbursement, or similar payment (except for the Break-up Fee payable to the Stalking Horse).
  4. A proposed Qualified Credit Bid or Qualified Bid must also include a redlined or blacklined version of the Stalking Horse APA, showing all changes made to the Stalking Horse APA by the Qualified Bidder. A Word version of the Stalking Horse APA is available for this purpose from Receiver’s counsel, Lathrop GPM LLP, Attn: Bryan E Minier ([email protected]); or Receiver’s investment banker Ravinia Capital Partners, LLC, Attn: Eric Welchko ([email protected]).

5. Who is the seller? Stephen Kunkel, not individually, but solely as the Court appointed General Receiver (the “Receiver”) over the Re-Poly Entities is the seller and will be the one who conducts the Auction. The Receiver was appointed as such in the case captioned CIBC BANK USA, formerly known as The PrivateBank and Trust Company v. RE-POLY, LLC, et al, Case Number 2022-CC09342, in the State of Missouri.

6. What are the rules of the Auction?

  1. The Auction, if conducted, shall be conducted by the Receiver, virtually, via instructions to be provided to Qualified Bidders.
  2. Bidding at the Auction will be transcribed by a court reporter.
  3. The Auction will additionally be conducted pursuant to the Sale Procedures.
  4. Promptly after the determination of the Successful Bidder, the Receiver will file a motion with the Circuit Court of the City of St. Louis (the “Court”) seeking a hearing (the “Sale Hearing”), whereby the Receiver will seek the approval of the sale of the assets of the Re-Poly entities to the Successful Bidder. Notice of the Sale Hearing will be provided to all necessary parties.

7. How can you get more information? Potential bidders may solicit digital copies of the Sale Procedures and Stalking Horse APA, and further information by contacting Receiver’s counsel, Lathrop GPM LLP, Attn: Bryan E Minier ([email protected]) and Emily E. Cantwell ([email protected]; or Receiver’s investment banker, Ravinia Capital Partners, LLC, Attn: Eric Welchko ([email protected]). Some additional information is below. The form of non-disclosure agreement (“NDA”), also below, must be executed and submitted prior to being granted access to a virtual data room that houses additional information about this opportunity.

Supporting Documents

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