Stanadyne cleans up sale order for Monday hearing

Chicago, July 7 – Stanadyne LLC filed a revised proposed sale order on Thursday in preparation for the sale hearing scheduled for July 10, according to a filing with the U.S. Bankruptcy Court for the District of Delaware.

The debtor has been engaged in extensive negotiations with creditors, with the results of some of those negotiations reflected in the revised sale order that will pave the way for the company’s Chapter 11 plan, which the company has until the end of July to file under an extension of the exclusive plan filing period.

The additional provisions in the sale order protect a wind-down funding amount, as defined in a committee settlement term sheet.

The company’s pension plan is the subject of an investigation, and the sale order, if the pension liabilities are transferred in the sale, now outlines the logistics for the availability of the documents that will be needed for such an investigation.

There is a provision regarding environmental liabilities, an addition.

The purchaser of assets, according to the revisions, will need to honor General Motors LLC contracts and pay to Ford Customer Service Division amounts owed under previous agreements with the debtor.

There are also details regarding the payment of professional fees after the sale.

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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