Global Home Products debtor's $33.55 million asset sale approved

By Caroline Salls

Pittsburgh, May 24 - Global Home Products LLC obtained court approval of the $33.55 million sale of substantially all of the assets of its The Burnes Group debtors to stalking horse bidder C.R. Gibson, Inc., according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The assets to be sold include the equity and assets of non-debtor foreign affiliates Intercraft Burnes, S de RL de CV (Mexico) and 690629 BC Ltd.

In addition to the purchase price, C.R. Gibson will pay $3.75 million for new inventory.

C.R. Gibson will pay for $1.25 million of the new inventory before closing.

Global Home Products, through its Anchor Hocking, The Burnes Group and WearEver businesses, is a Westerville, Ohio-based designer, marketer and manufacturer of branded consumer and specialty products to retail and hospitality customers and original equipment manufacturers. The company filed for bankruptcy on April 10. Its Chapter 11 case number is 06-10430.

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