Vertellus Specialties secures approval of $453.8 million asset sale

By Caroline Salls

Pittsburgh, Sept. 8 – Vertellus Specialties Inc. received court approval to sell substantially all of its assets, according to an order filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, Vertellus filed bankruptcy to implement an agreement under which the company’s existing term loan lenders would purchase substantially all of its U.S. and international assets for $453.8 million.

The agreement provides for a credit bid by the Vertellus term loan lenders for substantially all of the debtors’ assets, assumption of specified liabilities and funding for payment of administrative expenses claims and wind-down expenses.

The company said no qualified other bids were received. As a result, no auction was held.

Vertellus is an Indianapolis-based provider of specialty chemicals for the agriculture, nutrition, pharmaceutical and medical, personal care, plastics, coatings and industrial markets. The company filed bankruptcy on May 31 under Chapter 11 case number 16-11290.

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