Stanadyne gets approval of bid procedures; auction set for June 28

By Sarah Lizee

Olympia, Wash., May 16 – Stanadyne LLC received approval of bid procedures for its assets, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, the company has lined up a stalking horse agreement with S-PPT Acquisition Co., LLC, an entity formed by the company’s prepetition secured lenders.

The purchase price includes assumed liabilities, a $225 million credit bid, and any amounts needed to fund total disbursements in the wind-down budget.

There are no bid protections under the stalking horse agreement.

Key dates and deadlines under the bid procedures include a bid deadline of 5 p.m. ET on June 21, an auction on June 28, and a sale hearing on July 10.

Stanadyne is an automotive parts manufacturer based in Jacksonville, N.C. The company filed bankruptcy on Feb. 16 under Chapter 11 case number 23-10207.

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