Beaulieu Group wins court approval of private $90 million asset sale

By Caroline Salls

Pittsburgh, Nov. 1 – Beaulieu Group, LLC received court approval of the $90 million private sale of substantially all of its assets to Engineered Floors, LLC and Engineered Floors’ Pentz Street Holdings, LLC affiliate, according to an order filed Wednesday with the U.S. Bankruptcy Court for the Northern District of Georgia.

Beaulieu said the private sale agreement “provides a greater recovery for the debtors’ estates than could realistically be achieved by any other practically available alternative.”

Though the sale process went on for almost three months, the company said “it is at best uncertain that an auction process would generate any offers that either alone or in combination would result in sales proceeds sufficient to provide a substantial return to unsecured creditors.”

In addition, Beaulieu said Engineered Floors has made it clear that it would not participate in an auction process, meaning the company would be sacrificing a prospective sale on favorable terms if it held an auction.

Dalton, Ga.-based Beaulieu Group is a privately owned manufacturer and distributor of flooring products. The company filed bankruptcy on July 16 under Chapter 11 case number 17-41677.

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