Mississippi Phosphates delays bid deadline for asset sale to May 18

By Kali Hays

New York, April 29 – Mississippi Phosphates Corp. extended the deadlines included in the bid procedures for the sale of substantially all of its assets, according to a Wednesday notice filed with the U.S. Bankruptcy court for the Southern District of Mississippi.

Specifically, the deadline to submit a qualified bid is extended to 12 p.m. on May 18, and an auction will take place on May 20.

As previously reported, assets being sold include fertilizer production facilities and chemical storage tanks used in production, all of which are located in Pascagoula, Miss.

The company does not have a stalking horse bidder, but any qualified bid must be accompanied by a cash deposit equal to 10% of the purchase price, and Mississippi Phosphates said it will notify each qualified bidder of the auction baseline bid by May 19.

Overbids at auction must be made in increments of $250,000.

A hearing to approve the sale has not been set.

Mississippi Phosphates, a Pascagoula, Miss., fertilizer company, filed for bankruptcy on Oct. 27, 2014. The Chapter 11 case number is 14-51667.

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