The United States Bankruptcy Court Northern District of Illinois Eastern Division (“Court”) has ordered that Development Specialists, Inc. (“DSI”) shall serve as the Debtors’ Consultant and Sales Agent with respect to the sale under Bankruptcy Code Section 363 of substantially all of the assets of ADVANCED PRECISION MANUFACTURING INC (www.apmi.us) (“APMI”) and ADK ARMS, INC. (www.adkarms.com) (“ADK,” together with APMI, the “Debtors”). APMI is pending in the Court as Case Number 17-18961; and ADK is pending in the Court as Case Number 17-21679. Debtors are represented by the law firm of Crane, Heyman, Simon, Welch & Clar.
The deadline to bid (“Bid Deadline”) is November 3, 2017. The auction date (“Auction”) is set for November 8, 2017. These dates are pursuant to court order entered on September 12, 2017 by the Court at Docket Number 121 in Case Number 17-18961.
The companies design, market, produce and assemble high precision machined parts from a 21,000 square foot facility in Elk Grove Village.
a. Industries served include: Military, Firearms, Aerospace, Oil Drilling, Power Generation and Medical
b. Capabilities: Milling, Laser Cutting, Water Jet Cutting, Rolling, Press Brake, Robotic Welding
c. Materials: Aluminum, Inconel, Titanium, Copper, Beryllium, Waspaloy, Hastelloy
Over $5 million in annual revenues and reported positive EBITDA (unaudited)
Assets to be Sold: Accounts Receivable, Inventory, Equipment, Contracts and Intellectual Property. While not part of the bankruptcy estates, bids will also be received for the manufacturing facility located at 2301 Estes Ave, Elk Grove Village, IL. Optionality to purchase real estate, lease real estate or relocate equipment.
For more than 35 years, DSI has been a leading provider of management consulting and financial advisory services, including turnaround consulting, fiduciary roles, financial restructuring, litigation support, wind-down oversight and forensic accounting services. The company is headquartered in Chicago and has offices in New York, Los Angeles, San Francisco, Miami, Philadelphia and Columbus, Ohio. Internationally, DSI has an office in London. For more information about DSI, visit http://dsi.biz/.
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