Gissing North America gets court approval of two asset sales

By Sarah Lizee

Olympia, Wash., Nov. 14 – Gissing North America LLC received court approval of two asset sales, according to orders filed Monday with the U.S. Bankruptcy Court for the Eastern District of Michigan.

Initially, 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 proposed sale drew an objection from the official committee of unsecured creditors, however. The committee said while it didn’t object to the proposed sale of the Sumter assets, it took issue with the proposed sale of the Auburn and Sidney assets.

After the objection 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 withdrew its objection to the Auburn and Sidney sale.

Gissing is now set to be split into two parts, with two buyers.

The committee had not withdrawn its objection as it related to the preservation of the committee’s challenge rights.

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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