Bachrach Sets Auction for Sale of its Assets; Buyer Looms
NEW YORK, NY (02/08/10) -- Bachrach Acquisition, LLC, today announced that it has scheduled an auction for the sale of all of its assets. Chief U.S. Bankruptcy Judge Stuart M. Bernstein of the Southern District of New York issued an order allowing Bachrach to schedule a sale of its assets. An auction will be held at the offices of Platzer, Swergold, Karlin, Levine, Goldberg & Jaslow in New York on Monday, February 22, 2010 starting at 10:00 a.m. Eastern Standard Time. Chief Judge Bernstein also scheduled a hearing on Tuesday, February 23rd to review the auction results.
Bachrach also filed notice with the court that it has received a bid to purchase all of its assets from B & B Bacharach LLC. This bid sets the floor price for the sale and the Debtor is seeking higher and better bids prior to and at the auction.
“This action is a necessary and responsible step to obtain the best value for all of our stakeholders,” said Brian Lipman, CEO of Bachrach Acquisitions, LLC.
Any other interested parties are asked to submit qualifying bids to the Debtor’s legal counsel no later than February 18th at 5:00 p.m. Eastern Standard Time. Qualified bidders will be allowed to participate in the auction. Any parties interested in learning more should contact the Debtor’s Legal Counsel or Financial Advisor for additional information.
The company’s legal counsel is Henry Swergold and Clifford Katz of Platzer, Swergold, Karlin, Levine, Goldberg & Jaslow, LLP and the company’s financial adviser is Lee Diercks of Clear Thinking Group LLC.