Kidde-Fenwal receives court approval of bid procedures for assets

By Sarah Lizee

Olympia, Wash., Dec. 12 – Kidde-Fenwal, Inc. secured approval of bid procedures for its assets, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

As a reminder, the company is planning to sell its operating business, including the Kidde Fire Systems business line and the Fenwal Controls business line, to a third party and use the sale proceeds to pay legitimate claims.

Kidde-Fenwal said that since the petition date, there has been significant interest expressed by third parties in acquiring all of the debtor’s assets.

The debtors’ investment banker, Guggenheim Securities, LLC, launched a broad marketing process, including reaching out to about 200 counterparties and negotiating roughly 100 non-disclosure agreements with potential interested parties.

The stalking horse designation deadline is 5 p.m. ET on Jan. 5, the competing bid deadline is 5 p.m. ET on Jan. 11, an auction is scheduled for Jan. 18, and a sale hearing is set for Jan. 24.

The industrial fire detection and suppression company is based in Ashland, Mass. The company filed bankruptcy on May 14, 2023 under Chapter 11 case number is 23-10638.

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