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Gissing committee backtracks on objection due to new buyer
Chicago, Nov. 10 – Gissing North America LLC’s official committee of unsecured creditors withdrew part of its objection to the sale of assets, according to a notice filed with the U.S. Bankruptcy Court for the Eastern District of Michigan.
The committee had asked the court for discovery, out of concern that the sale process was unfairly benefitting customer-lenders.
As previously reported, CBT Enterprises, LLC had been named the winning bidder for all of the assets with a $16 million going-concern offer for both the Auburn and Sidney locations and a $3.5 million offer on the company’s Sumter assets.
CBT had been the only qualified bidder.
The committee had no objection to the sale of the Sumter assets, only the Auburn and Sidney assets.
After the committee’s objection to the sale was filed, the debtors notified the committee that Angstrom Automotive Group, LLC had been deemed a qualified bidder for the Auburn, Maine and Sidney, Ohio facilities, and the sale had been approved by the material customers.
The price is the same for Angstrom, $16 million for the two assets.
As a result, the committee has withdrawn its objection to the Auburn and Sidney sale.
Gissing will be split into two parts, with two buyers, as the case stands currently.
However, the committee has not withdrawn its objection as it relates to the preservation of the committee’s challenge rights.
A sale hearing is being held on Thursday.
There is some urgency. Gissing’s financing expires on Nov. 14.
The Bingham Farms, Mich.-based company is a manufacturer of acoustic systems for the automotive industry. The company filed bankruptcy on Aug. 8 under Chapter 11 case number 22-46160.
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