AeroCision secures court approval to sell assets for $40.2 million

By Sarah Lizee

Olympia, Wash., Nov. 16 – AeroCision Parent, LLC received court approval to sell its assets to winning bidder Cadence-Southwick, Inc., according to an order filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

The purchase price is $40.2 million in cash and assumed liabilities, as previously reported.

Stalking horse bidder Citizens Bank, NA was named backup bidder. The purchase price under the stalking horse agreement is a $40 million credit bid plus assumed liabilities.

There are no bid protections under the stalking horse agreement.

The Chester, Conn.-based company is a supplier of complex engine components and assemblies for the global aerospace industry. It filed bankruptcy on July 31 under Chapter 11 case number 23-11032.

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