Bolta US sale timeline pushed back; auction set for March 30

By Sarah Lizee

Olympia, Wash., March 23 – Bolta US Ltd. and the official committee of unsecured creditors received approval of their request to extend the timeline under the company’s bid procedures for its assets, according to an order filed Thursday with the U.S. Bankruptcy Court for the Northern District of Alabama.

As previously reported, the company has been authorized to pick a stalking horse and provide a 3% breakup fee.

The company said Monday that it has received a bid from one party that it is strongly considering naming as the stalking horse.

However, the primary gating issue regarding the stalking horse offer relates to cure costs and an amendment of the debtor’s facility lease with landlord Bolta Investment, Ltd.

The debtor, proposed stalking horse and the landlord have been working to resolve all issues prior to the previous date of auction, which was March 24.

Based on the previous timeframe, it wasn’t clear that the parties would be able to document a resolution before then.

Given these issues, and the desire to continue negotiations with other potential purchasers, the debtor and committee asked for some dates under the bid procedures to be adjusted.

Now, the bid deadline is 6 p.m. ET on March 28, the auction will take place on March 30, the sale hearing is set for April 6, and the sale is set to close by April 17.

The plastic automotive parts manufacturer is based in Northport, Ala. The company filed bankruptcy on Jan. 13 under Chapter 11 case number 23-70042.

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