Gulf Chemical sale procedures approved; auction slated for Sept. 7

By Caroline Salls

Pittsburgh, July 12 – Gulf Chemical & Metallurgical Corp. received court approval of the bid procedures for the proposed sale of substantially all of its assets, according to an order filed Tuesday with the U.S. Bankruptcy Court for the Western District of Pennsylvania.

As previously reported, although it has received some indications of interest, the company said it has not received any binding offers for the assets. To the extent a binding offer is made before the auction, Gulf reserved the right to seek expedited approval of any procedures related to a stalking horse bid.

Bids are due by 4 p.m. ET on Aug. 31.

Bids must be made in $100,000 increments.

If necessary, an auction will be held on Sept. 7. The sale hearing is scheduled for Sept. 9.

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

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