Smart Papers granted court approval of bid procedures for sale of substantially all assets

By Caroline Salls

Pittsburgh, July 31 - Smart Papers, LLC obtained court approval of the bidding 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 sale will also include some of the assets of debtor PF Papers, LLC.

Unless the company enters a stalking horse agreement before the auction, the minimum purchase price will be set at the auction, to be held Aug. 15.

The company said it may enter a stalking horse agreement before the auction and it would file a new bid procedures motion based on that agreement.

Bids are due Aug. 14 and must include a $500,000 deposit.

After the minimum bid is established, subsequent bids must be for at least $100,000 more than the previous bid.

The sale hearing is scheduled for Aug. 21.

Smart Papers, a Hamilton, Ohio-based paper manufacturer, supplier and marketer, filed for bankruptcy on March 21. Its Chapter 11 case number is 06-10269.

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