Enesco and Gregg Gift asset sale approved

By Caroline Salls

Pittsburgh, Feb. 15 - Enesco Group Inc. obtained court approval of the sale of substantially all of the assets of Enesco and Gregg Gift Manufacturing, Inc. to EGI Acquisition LLC, a subsidiary of Tinicum Capital Partners II, LP, according to a Thursday filing with the U.S. Bankruptcy Court for the Northern District of Illinois.

Under the sale agreement, the purchase price will be cash equal to the principal amount plus interest, fees and any other expenses of Enesco's debtor-in-possession financing outstanding as of the sale closing date.

As previously reported, the company has obtained interim access to a $65 million DIP from Wells Fargo Foothill Inc.

The purchase price will also include forgiveness of any and all pre-bankruptcy liabilities owed to affiliates of the buyer, including a $100,000 deposit funded by an EGI affiliate for the benefit of Tinicum; and $600,000 for administration expenses incurred by Enesco in its bankruptcy case.

Enesco, an Itasca, Ill., producer of fine gifts, collectibles and home decor accessories, filed for bankruptcy on Jan. 12. Its Chapter 11 case number is 07-00565.

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