Structurlam receives court approval of amended bid procedures

By Sarah Lizee

Olympia, Wash., May 9 – Structurlam Mass Timber U.S., Inc. received approval of the amended bid procedures for its assets, according to an order filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, the company amended the bid procedures after receiving limited objections from the official committee of unsecured creditors and its largest unsecured creditor, Walmart Inc., and informal comments from the U.S. trustee overseeing the case.

The proposed timeline and the bid protections for stalking hose bidder Mercer International Inc. were key issues brought up by the parties.

In response, Structurlam agreed to extend the bid deadline to May 23 from May 18, but kept other dates, including the May 24 auction and May 30 sale hearing, the same.

Structurlam defended the bid protections for Mercer and said the provisions are consistent with similar protections approved in other large Chapter 11 cases in Delaware and are necessary to preserve the value of the debtors’ estates.

The company had proposed a $1.8 million breakup fee and a $600,000 expense reimbursement.

Both the timeline and bid protections were approved through the Monday order.

The debtor is a manufacturer of mass timber solutions and has headquarters in Penticton, B.C. The company filed Chapter 11 bankruptcy on April 21 under case number 23-10497.

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