Stanadyne details stalking horse agreement with lender entity

By Sarah Lizee

Olympia, Wash., May 10 – Stanadyne LLC has executed a stalking horse agreement with S-PPT Acquisition Co., LLC, an entity formed by the company’s prepetition secured lenders, according to documents filed with the U.S. Bankruptcy Court for the District of Delaware.

The purchase price includes assumed liabilities, a $225 million credit bid, and any amounts needed to fund total disbursements in the wind-down budget.

There are no bid protections under the stalking horse agreement.

Key dates and deadlines under the company’s proposed bid procedures include a bid deadline of June 21, a sale hearing by July 10, and entry into a sale order by July 11.

A hearing to consider approval of the bid procedures is scheduled for May 18.

Stanadyne is an automotive parts manufacturer based in Jacksonville, N.C. The company filed bankruptcy on Feb. 16 under Chapter 11 case number 23-10207.

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