GPX International granted court OK of $10 million tire asset sale

By Caroline Salls

Pittsburgh, Dec. 16 - GPX International Tire Corp. obtained approval of the $10 million sale of its solid tire assets to MITL Acquisition Co. LLC, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Massachusetts.

The tire assets were sold via private sale.

"The MITL offer provides the [company's] bankruptcy estate with a certain recovery for the solid tire assets," the company said in its motion, adding that its primary secured creditors agree to the sale.

GPX makes specialty off-the-road tires for the agricultural, construction, materials handling and transportation industries and is based in Malden, Mass. The company filed for bankruptcy on Oct. 27. Its Chapter 11 case number is 09-20170.

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