Mississippi Phosphates extends bid deadline for asset sale to July 24

By Kali Hays

New York, May 19 – Mississippi Phosphates Corp. extended the deadlines included in the bid procedures for the sale of substantially all of its assets for a second time, according to a Tuesday notice filed with the U.S. Bankruptcy Court for the Southern District of Mississippi.

Specifically, the deadline to submit a qualified bid is extended to 6 p.m. ET on July 24, and an auction will take place on July 31.

A hearing to approve the sale is now set for Aug. 6.

As previously reported, assets being sold include fertilizer production facilities and chemical storage tanks used in production, all of which are located in Pascagoula, Miss.

The company does not have a stalking horse bidder, but any qualified bid must be accompanied by a cash deposit equal to 10% of the purchase price, and Mississippi Phosphates said it will notify each qualified bidder of the auction baseline bid by May 19.

Overbids at auction must be made in increments of $250,000.

Mississippi Phosphates, a Pascagoula, Miss., fertilizer company, filed for bankruptcy on Oct. 27, 2014. The Chapter 11 case number is 14-51667.

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