MMC Precision Holdings seeks OK of bid procedures for sale of assets

By Caroline Salls

Pittsburgh, April 13 - MMC Precision Holdings Corp. is seeking court approval of the bid procedures for the proposed sale of substantially all of its assets, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company said it has elected to move forward without a stalking horse bid, but it thinks a stalking horse bidder could come forward in the next two weeks.

As a result, the company reserved its right to choose a stalking horse bid in the future and pay that bidder a 3% break-up fee if it is not the high bidder at auction.

Bids are due by 5 p.m. ET on May 13, and all bids must include a 10% deposit toward the proposed purchase price.

If more than one qualifying bid is received, the auction will be held on May 15.

Morton, Ill.-based MMC manufactures highly engineered metal components and subassemblies. The company filed for bankruptcy on March 22. Its Chapter 11 case number is 09-10998.

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