Amcast's Lee Brass unit seeks approval of $5 million sale of assets to LBC Acquisitions

By Caroline Salls

Pittsburgh, May 10 - Amcast Industrial Corp. debtor Lee Brass Co. requested approval of the sale of all of its assets for $5 million to LBC Acquisitions, LLC, according to a Tuesday filing with the U.S. Bankruptcy Court for the Southern District of Ohio.

A $170,000 termination fee and $30,000 incremental overbid would be required of a high bidder other than LBC Acquisition.

All bids must be $50,000 more than the prior bid.

Lee Brass is also requesting the court set the schedule for the sale and approve the $170,000 termination fee.

According to the filing, "the fact is that the Lee Brass operations, as the sole remaining remnant of [Amcast's] flow control business, do not fit within Amcast's business plan, which is premised upon the reorganization of its wheels and related automotive parts business."

Amcast, a Dayton, Ohio, manufacturer of plumbing and auto components, filed for Chapter 11 on Nov. 30. Its case number is 04-40504.

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