Silver Creek Industries seeks approval of bid procedures for assets

By Sarah Lizee

Olympia, Wash., May 2 – Silver Creek Industries LLC is seeking court approval of bid procedures for the sale of its assets, according to a motion filed Tuesday with the U.S. Bankruptcy Court for the Central District of California.

Some assets not used in the operation of the business are excluded from the sale.

The company has lined up a stalking horse agreement with Silver Creek Modular, LLC, a wholly owned subsidiary of Webb Investments Co., LLC.

The cash purchase price under the stalking horse agreement is $13 million.

Under the proposed bid procedures, an auction is scheduled for May 30, and a sale hearing is scheduled for May 31.

The company is hoping to close the sale by June 2.

Silver Creek Industries is a modular construction company based in Perris, Calif. The company filed Chapter 11 bankruptcy on April 24 under case number 23-11677.

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