On or about September 25, 2013, the Court entered an Order
Approving (I) the Sale of Assets; (II) Approving the Asset Purchase Agreement;
and (III) Authorizing the Debtor to Assume and Assign Certain Executory
Contract (“Sale Order”) with respect to sale of the Debtor’s non-real estate
business assets to Grey Mountain Partners Fund II, L.P. (“GMP”) for the
purchase price of $3,250,000.00. The
sale to GMP has been substantially consummated, and the bulk of the sale
proceeds have been paid to the Debtor’s primary secured lender, First
Commonwealth Bank, with the exception of certain holdbacks for equipment
lessors and administrative expenses of the Bankruptcy Estate.
Additionally, the Debtor previously filed on or about
September 11, 2013, an Expedited Motion to Authorize Lease of Real Estate (“Lease
Motion”), which was also approved by Order of Court on September 24, 2013. The authorization of the lease of the real
estate allows GMP to lease the premises while parties prepare for a potential
sale of the real estate to the Indiana County Development Corporation (“ICDC”)
for approximately $1m. It is anticipated
that a motion regarding the proposed sale of the Debtor’s real estate to ICDC
will be forthcoming.
Please feel free to contact us at dlubakcommittee@quinnfirm.com to obtain a copy of the Sale Order, Lease Motion, and/or any other pleadings as filed.
