Gulf Chemical: Court approves $7.93 million sale of Bear Metallurgical

By Caroline Salls

Pittsburgh, Sept. 13 – Gulf Chemical & Metallurgical Corp. received court approval of the $7.93 million sale of substantially all of the assets of debtor Bear Metallurgical Co. to Yilmaden Holding Inc., according to an order filed Tuesday with the U.S. Bankruptcy Court for the Western District of Pennsylvania.

Metallurg, Inc. is the reserve bidder.

Last month, Gulf Chemical and Bear obtained court approval to designate SiderAlloys North America, LLC as the stalking horse bidder for Bear’s assets, with a $3 million stalking horse bid.

Under the court approved bid procedures, the company will reimburse up to $100,000 of SiderAlloys’ sale-related expenses since it was not the winning bidder.

Gulf Chemical is a Freeport, Texas-based subsidiary of Eramet, a Paris-based mining and metallurgical global producer of alloying metals. Gulf Chemical filed bankruptcy on June 14 under Chapter 11 case number 16-22192.

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