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Smart Papers requests court OK of bid procedures for sale of substantially all assets
By Caroline Salls
Pittsburgh, July 26 - Smart Papers, LLC requested court approval of the bidding procedures for the proposed sale of substantially all of its assets, according to a Tuesday 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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