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Interlake Material Handling Bidding Procedures Approved for Assets

Yesterday, the bankruptcy court entered an order approving bidding procedures for substantially all of the assets of Interlake Material Handling, Inc. and its affiliates.  The court also approved the proposed break-up fee and expense reimbursement for the stalking horse bidders for the assets, Mecalux USA, Inc. and Mecalux Mexico S.A. de C.V., which would be paid in the event that those parties are not the winning bidders for the assets at the conclusion of the bidding process.

The order attaches the approved procedures for other parties to provide competing bids for the assets.  In the event that qualified competing bids are received, an auction is scheduled to be held on March 4, 2009 in Wilmington, Delaware.  Source: netDockets Corporate Restructuring and Bankruptcy Blog

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