Wickes looks to sell most of assets

By Jeff Pines

Washington, June 25 - Wickes, Inc. filed a motion Thursday asking the U.S. Bankruptcy Court for the District of Northern Illinois to approve three stalking horse bidders for most of its assets. The buyers are bidding on 50 of the Vernon Hills, Ill.-based building materials distributor's 59 facilities.

The first offer is from Lanoga Corp. to pay $45 million for Wickes' assets in Indiana, Illinois and Michigan. Lanoga is a Redmond, Wash.-based lumber and building materials retailer.

The second offer is for $55.8 million for the company's 12 locations in the northeast from Bradco Supply Corp. Bradco, based in Avenel, N.J., distributes roofing supplies and other construction products throughout the United States.

The third stalking horse offer is from Hope Lumber & Supply Co. LP. It is offering $28.65 million for Wickes' 11 locations in the south and Colorado. It is based in Broken Arrow, Okla.

The break-up fee will be 3% of the cash consideration if someone other than the stalking horse bidder wins.

A June 28 hearing is scheduled.

It is asking for a July 20 as the date of sale and a July 22 hearing to approve the sale.

The locations not being bid on are in Saegertown, Pa., Ithaca, N.Y., Harrisburg, Pa., Rootstown, Ohio, Coldwater, Mich., Mishawaka, Ind., Westfield, Ind., and Argos, Ind.

Wickes filed for bankruptcy on Jan. 20, 2004. Its Chapter 11 case number is 04-02221.

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