Stant bid procedures approved, Vapor Acquisition named stalking horse

By Alice Popovici

New York, Aug. 18 - Stant Corp. received court approval of the bidding procedures related to the proposed sale of substantially all of its assets to Vapor Acquisition Corp., according to a Monday filing with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, Vapor, an affiliate of the company's majority shareholder and lender H.I.G. Capital Partners IV, LP, is the stalking horse bidder for Stant's assets, and has agreed to assume all amounts owed under Stant's pre-bankruptcy financing and debtor-in-possession financing as consideration for the assets.

If Vapor is not the high bidder at auction, Stant will reimburse up to $300,000 of its sale-related expenses.

Competing bids, in an amount at least equal to the proposed purchase price, plus the amount of the expense reimbursement and a $200,000 overbid amount, must be received by Sept. 3.

The sale auction, if any, will be held Sept. 14 and a hearing approving the sale will be held Sept. 15.

Stant is a Connersville, Ind.-based automotive fuel system and gas cap manufacturer. Its Chapter 11 case number is 09-12647.

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