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.
The editors and editorial board of DailyDAC include preeminent restructuring and insolvency professionals, journalists, and editors. They are devoted to providing reliable and plain English education and deal intelligence about assignments, corporate bankruptcy, receiverships, out-of-court workouts and similar topics.
Legacies of the Jevic Case: Structured Dismissals Three Years after the Fall
90 Second Lesson: First Step Before Buying a Distressed Business
PUBLIC NOTICE OF ARTICLE 9 SALE: EFSWW, LLC, EFreight, LLC, et al.
PUBLIC NOTICE OF ARTICLE 9 SALE: Gemcap Lending I, LLC and GC Acquisition I, LLC
Force Majeure, MAC Clauses & COVID-19: A Court Speaks to Every Commercial Tenant in the United States
Limiting Credit Bidding in Section 363 Bankruptcy Sales Post-In Re Aéropostale, Inc.
Subscribe to Our FREE Newsletter!
Get weekly updates with the latest bankruptcy articles and opportunistic deals.