Techniplas approved for $2.13 million sale of non-designated assets

By Caroline Salls

Pittsburgh, June 12 – Techniplas, LLC received court approval to sell its non-designated assets to Revere Plastics Systems, LLC, according to an order filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, Revere, which was designated as a stalking horse bidder before the June 9 auction, submitted a $2.13 million final bid for the assets. The company said the bid is worth $2.25 million to its estates because it will not have to pay Revere the bid protections it would have been required to pay if Revere was not the winning bidder.

Tiger Capital Group, LLC and its joint venture partners Branford Auctions, LLC, Myron Bowling Auctioneers, Inc. and Absolute Machinery were approved to serve as the back-up bidder. The joint venture’s final cash offer was $2.2 million.

Techniplas is a Nashotah, Wis.-based plastics manufacturer. The company filed bankruptcy on April 6 under Chapter 11 case number 20-11049.

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