Protected Vehicles granted court approval of $6 million asset sale

By Jennifer Lanning Drey

Portland, Ore., Aug. 21 - Protected Vehicles, Inc. obtained court approval to sell substantially all of its assets to PVI Acquisition LLC for $6 million, according to a source familiar with the case.

The approval came Thursday from the U.S. Bankruptcy Court for the District of South Carolina after PVI voluntarily increased the bid from its original $5 million stalking horse bid, the source said.

PVI is owned by Patriarch Funds.

As previously reported, 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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