Spectra Premium agrees to sell assets to Turnspire Capital Partners

By Sarah Lizee

Olympia, Wash., Sept. 21 – Spectra Premium Holdings (USA) Corp. has agreed to sell its assets to Turnspire Capital Partners LLC, according to a press release from Turnspire.

Spectra filed sale motions to approve the sale under the Companies’ Creditors Arrangement Act proceedings with the Quebec Superior Court and under Chapter 15 proceedings in the U.S. Bankruptcy Court for the District of Delaware.

The transaction includes all of Spectra’s assets in the United States and Canada, as well as the stock of the company’s Taiwanese subsidiary.

Completion of the transaction is expected in the fourth quarter of 2021, following court approval and fulfilment of customary closing conditions.

The Boucherville, Quebec-based company is a designer, manufacturer and distributor of thermal and fluid management metal-formed products for the automotive, heavy-duty truck and industrial markets. It filed Chapter 15 bankruptcy on March 11, 2020 under case number 20-10612.

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