Sale of Assets: Pursuant to a Trust Agreement and Assignment for the Benefit of Creditors by and between Pure Metal Recycling LLC, an Illinois limited liability company (“Assignor”), and David Abrams, not individually but as “Trustee-Assignee” thereunder, the Trustee-Assignee shall sell vehicles, machinery & equipment of Assignor (“Sale Property”) at a public auction (the “Auction”) on Wednesday, February 3, 2016 at 9:30 a.m. (Central) at the offices of Barnes and Thornburg LLP, One North Wacker Drive, Suite 4400, Chicago, IL 60606 on an As Is, Where Is basis, with all faults of any kind or nature. The Auction shall be concurrent to, and in conjunction with, a Uniform Commercial Code Article 9 Public Foreclosure Sale conducted by one or more of the Assignor’s secured lenders. Certain real properties owned by an affiliate of Assignor used in connection with the Sale Property may also be presented for an independent sale by said affiliate at the Auction, with reserve.
Terms and Conditions of Sale for the Sale Property: All interested parties are invited to submit a “Qualifying Bid” for the Sale Property on or before 5:00 p.m. (Central) on Monday, February 1, 2016, or such later date as Trustee-Assignee shall accept in his sole discretion. An initial Qualifying Bid must be for an amount not less than $9,300,000.00. Any Qualifying Bid must be accompanied by a deposit in the amount of ten percent (10%) of such Qualifying Bid. Furthermore, the Trustee-Assignee has entered into an Asset Purchase Agreement (“APA”) for a stalking horse offer in the amount of $9.0 million. Any Qualifying Bid must be made pursuant to a substantially similar APA, a form of which will be provided to any interested party upon request. The prevailing bidder accepted at Auction will be required to close by Friday, February 5, 2016, or forfeit its deposit unless the Trustee-Assignee fails to satisfy his closing obligations. In addition to the foregoing, the Assignee may sell certain “Excluded Assets” (as defined in the APA), such as off-site trailers, hoppers, roll-offs, luggers, and pallet boxes; and customer lists and other general intangibles, at the Auction in one or more separate lots, with reserve. Additional terms and conditions may be announced at or before the Auction by the Trustee-Assignee. For further Auction terms and information about the Sale Property contact: (1) David Abrams, Glenn Eisenhuth, or Sandor Jacobson, Abrams & Jossel Consulting, Inc.,100 Tri-State International, Suite 215, Lincolnshire, IL 60069, 847-607-8120; or (2) Adam P. Silverman, Esq., Adelman & Gettleman, Ltd., 53 W. Jackson Blvd., Suite 1050, Chicago, IL 60604, 312-435-1050. For information about the real estate, please direct your inquiries to [email protected].
THIS DEAL WAS ADDED TO THE DAILY DAC OPPORTUNISTIC DEAL DATABASE ON 1/25/16. TO SEE MANY MORE DEALS INVOLVING FINANCIALLY DISTRESSED COMPANIES AND OTHER TIME SENSITIVE SITUATIONS, YOU CAN SUBSCRIBE HERE.
DailyDAC™ is the oldest, most trusted, and most widely used provider of public notices of asset sales and case commencements, and other important notices involving companies in financial distress in the United States and Canada. DailyDAC™ public notices are used by bankruptcy trustees, chapter 11 debtors in possession, federal and state court receivers, and secured parties disposing of their collateral under Article 9 of the Uniform Commercial Code or other state law trust (and their respective auction firms, law firms, and other agents). Learn more.
Many sales of distressed companies and distressed business assets are not widely advertised. If you are buyer of such companies or assets, you may be well served by becoming a paying subscriber to Distressed Deal Data™. Find out more.
PUBLIC NOTICE OF UCC SALE: Custom Alloy Corporation and Related Companies
PUBLIC NOTICE OF UCC SALE: Illini Hi-Reach, Inc. and Illini-Wisc, Inc.
PUBLIC NOTICE OF ABC SALE: Confidential Designer Furniture Manufacturer
Dealing with Corporate Distress 12: Meet Our Little Friend, The UCC
Commercial Real Estate Tenant Bankruptcy — What To Do
PUBLIC NOTICE OF UCC SALE: Lydda LUD, LLC