Gissing North America seeks approval of bid procedures for assets

By Sarah Lizee

Olympia, Wash., Aug. 22 – Gissing North America LLC is seeking court approval of bid procedures for substantially all of its assets, according to a motion filed Friday with the U.S. Bankruptcy Court for the Eastern District of Michigan.

The company said it is seeking a stalking horse bidder for the assets. It has until Sept. 26 to choose one.

Bid protections would include a breakup fee and an expense reimbursement in the total amount of up to 3%.

The deadline to submit bids is 5 p.m. ET on Oct. 7. An auction, if needed, will be held on Oct. 11.

Bidding increments have been set at $250,000.

The company is hoping to close the sale by Oct. 31.

The Bingham Farms, Mich.-based company is a manufacturer of acoustic systems for the automotive industry. The company filed bankruptcy on Aug. 8 under Chapter 11 case number 22-46160.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.