NEWS BRIEFS
Heads and Threads to Be Sold at Auction
The assets of Heads and Threads International are slated to be auctioned on May 12 at 11 am. The auction will be conducted at the offices of Proskauer Rose LLP, located at Three First National Plaza, 70 West Madison, Suite 3800, Chicago, Illinois 60602-4342.
“At the Auction, the Assignee intends to offer for sale, free and clear of valid and enforceable recorded liens, as well as all of the Assignee’s right, title and interest in and to the Assets, including, but not limited to, the inventory, equipment, packaging and supplies, and fixed assets (including but not limited to warehouse racks and equipment),” according to the auction notice.
The transaction excludes all cash, deposits, accounts receivable and computer hardware and software.
The Stalking Horse Offer for HTI is an estimated $11,993,407, which is based on a March 31 inventory report. The purchase price is payable in cash, with a closing date of no later than May 17, 2011.
All competing bids must be accompanied by an earnest money deposit of $1 million, which shall be forfeited if the party making the competing offer is the winning bidder at the auction and fails to consummate the purchase prior to the closing date.
The minimum overbid must be 4% of the purchase price.
All bidders must provide a qualified bid package, including the earnest money deposit, prior to 5:00 p.m. on May 10, 2011.
For further information contact Mr. Mike Dukek as agent of Mr. Patrick D. Cavanaugh at (312) 456-5636, the Assignee, or his attorney, Mr. Peter J. Young, Esq. at (312)-962-3550. ©2011 GlobalFastenerNews.com
For more on Heads and Threads, read “Three Reasons Given for Heads & Threads Receivership” from the latest issue of FIN.
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