Protected Vehicles sets bid procedures for $5 million sale of substantially all assets

By Caroline Salls

Pittsburgh, July 16 - Protected Vehicles, Inc. requested court approval of the proposed $5 million sale of substantially all of its assets, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of South Carolina.

The sale is subject to receipt of higher offers at auction. Patriarch Funds is the stalking horse bidder.

Competing bids must exceed Patriarch's offer by $200,000, which includes a $150,000 reimbursement fee and a $50,000 minimum bid increment.

Overbids at auction must be made in increments of at least $50,000.

All bids must include a $250,000 deposit.

The assets to be sold include the company's equipment, inventory, intellectual property, contract rights, permits, receivables, cash and security deposits, software and goodwill.

Protected Vehicles, a North Charleston, S.C., designer and manufacturer of mine and ballistic protected vehicles, filed for bankruptcy on Feb. 5, 2008. Its Chapter 11 case number is 08-00738.

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