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Dlubak Auction Set for September 23

Post Time:Aug 23,2013Classify:Industry NewsView:51

The United States Bankruptcy Court for the Western District of Pennsylvania has ruled that Dlubak Corp.'s non-real estate assets will go up for auction, September 23. The ruling follows several glass companies' objections to the original sale procedures, which would haveset a deadline of September 3 for submission of competing bids, with the goal of closing the sale by September 6.

After filing Chapter 11 bankruptcy in early August, Dlubak announced it would pursue a sale to a strategic buyer, naming Grey Mountain Partners, parent company of Consolidated Glass Holdings, as the "stalking horse bidder." Grey Mountain has proposed paying $2 million for Dlubak's non-real estate assets, according to court documents.

GGI, Oran Safety Glass Israel, OSG Inc. USA and Curbell Plastics filed objections to the sale, claiming, among other concerns, that the timeline for the sale was too short and that the bidding procedures favored Grey Mountain.

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Source: http://www.glassmagazine.com/news-item/commercial/dlubak-auction-set-september-23-1311629Author:

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