Butler International bid procedures approved for $26.88 million sale

By Caroline Salls

Pittsburgh, June 12 - Butler International, Inc. received court approval of the bidding procedures for the proposed $26.88 million sale of substantially all of its assets to Butler America, LLC, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

Butler America is an affiliate of Select Staffing chairman and chief executive officer D. Stephen Sorensen.

If Butler America is not the high bidder at auction, the company will pay it an $838,000 break-up fee and reimburse up to $150,000 of its sale-related expenses.

Competing bids, which are due by noon ET on June 26, must be in an amount at least equal to the stalking horse bid, plus the break-up fee and expense reimbursement amounts and a $250,000 initial minimum overbid. Subsequent bids at auction must be for at least $100,000 more than the previous bid.

All bids must include a $1 million deposit.

The auction will be held on June 27, and the sale hearing is scheduled for June 29.

Butler International, a Fort Lauderdale, Fla.-based provider of outsourcing services, filed for bankruptcy on June 3. Its Chapter 11 case number is 09-11914.

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