On or about August 28, 2013, the Debtor filed its Amended Motion
for Order (I) Approving the Sale of Assets; (II) Approving the Asset Purchase
Agreement; and (III) Authorizing the Debtor to Assume and Assign Certain
Executory Contract (“Sale Motion”) setting forth the terms of the proposed sale
of the Debtor’s corporate assets to GGI Glass Distributors Corp., d/b/a General
Glass International (“GGI”) for $2,200,000, and indicating that such sale is
subject to higher offers at a public hearing and auction. The public hearing and auction has been
scheduled for September 23, 2013, at 10:00a.m. (“Sale Hearing”) before Judge
Deller in Courtroom D, 54th Floor, U.S. Steel Tower, 600 Grant
Street, Pittsburgh, PA 15219. Any
objections to the Sale Motion must be filed by September 16, 2013.
Also, after a series of opposing filings and hearings, the
Debtor’s Emergency Motion to Expedite Hearing on Motion for an Order Approving
(A) Bidding Procedures for the Sale of Assets of the Debtor; (B) Stalking-Horse
Bidder Fee Related To The Sale; (C) Assumption and Assignment Procedures; and
(D) Form and Manner of Sale Notice (“Bid Procedures Motion”) was previously
approved by Order of Court on August 23, 2013.
The minimum next bid after the opening bid of GGI shale be at least the
amount of the opening bid plus $75,000. Potential
bidders at the Sale Hearing must satisfy a number of requirements, including
but not limited to, providing evidence of financial ability to consummate the
purchase to the Debtor on a timely basis, and providing a proposed asset
purchase agreement and deposit at least 48 hours prior to the Sale Hearing.
Please feel free to contact us at dlubakcommittee@quinnfirm.com to obtain a copy of the Debtor’s Sale Motion, Bid
Procedures Motion, and/or any other pleadings as filed.
