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Judge approves motion for sale and auction of Trainor Glass modular wall assets

Post Time:Jul 30,2012Classify:Industry NewsView:68

Judge Carol A. Doyle authorized Trainor Glass to solicit bids and conduct an auction for certain assets of its modular wall business in Farmers Branch, Texas, free and clear of claims, leins and encumbrances, according to July 26 court documents. The auction is scheduled for Aug. 17.

Trainor Glass filed a motion July 23 to sell the assets of its modular wall division to Environamics Inc., an interior construction and movable wall system supplier based in Charlotte, N.C. According to court documents, Trainor has entered into an asset purchase agreement with Environamics for all equipment, inventory, packaging and personal property at the Farmers Branch facility. The agreement also includes "the goodwill of the Trainor Modular Walls Business and the trade name 'Trainor Modular Walls;" and computer files related to completed and in-progress projects.

According to the court documents, the purchase price is $800,000; Environamics has paid an $80,000 deposit.

Doyle ruled Environamics a Qualified Bidder, and set an Aug. 15 bid deadline for other bidders to be eligible to participate in the auction.

"At the Auction, Environamics and all other Qualified Bidders shall be entitled to make any additional bids. All offers subsequent to the opening bid at the Auction must exceed the prior offer by not less than $25,000. Bidding at the Auction shall continue until such time as the highest and best offer is determined," according to Doyle's ruling in the court documents.

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