The U.S. Bankruptcy Court issued an order approving UCI Holdings’ motion for the sale of property free and clear of liens and entry of an order authorizing certain transactions with a non-debtor subsidiary in furtherance of closure of its Fairfield facility.
As previously reported, “By this Motion, the Debtors seek entry of an order: authorizing the Debtors to sell certain equipment currently located at the Fairfield Facility to TMM; to manufacture the Debtors’ products at TMM’s facility, in accordance with the TMM Equipment Sale Procedures; authorizing the Debtors to sell certain components from the Fairfield Facility to TMM in furtherance of the shut-down of the Fairfield Facility; and granting certain related relief necessary to facilitate an orderly wind-down of the Fairfield Facilities, including the sale of certain assets without an auction and free and clear of all Liens….Overall, the Debtors anticipate that the Debtors will transfer approximately $15 million in components in connection with the TMM Fuel Pump Transactions.”
Court-filed documents continue, “The Debtors estimate that the total value of the equipment to be sold to TMM pursuant to the TMM Equipment Sales will be less than $200,000 total. The Debtors believe that the sale of certain fuel pump equipment to TMM pursuant to the TMM Equipment Sales without an auction is the best way to maximize value for the Debtors’ estates.”
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