Gulf Chemical announces $7.93 million successful bid for Bear assets

By Caroline Salls

Pittsburgh, Sept. 12 – Gulf Chemical & Metallurgical Corp. named Yilmaden Holding Inc. as the winning bidder for substantially all of the assets of debtor Bear Metallurgical Co., according to a notice filed Friday with the U.S. Bankruptcy Court for the Western District of Pennsylvania.

Yilmaden submitted a $7.93 million high bid for the Bear assets.

Metallurg, Inc. is the reserve bidder.

Last month, Gulf and Bear obtained court approval to designate SiderAlloys North America, LLC as the stalking horse bidder for Bear’s assets, with a $3 million stalking horse bid.

Under the court approved bid procedures, the company will reimburse up to $100,000 of SiderAlloys’ sale-related expenses since it was not the winning bidder.

The sale hearing is scheduled for Sept. 12.

Gulf is a Freeport, Texas-based subsidiary of Eramet, a Paris-based mining and metallurgical global producer of alloying metals. Gulf filed bankruptcy on June 14 under Chapter 11 case number 16-22192.

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