CFM bid procedures approved; stalking horse bidder must be chosen by June 23

By Caroline Salls

Pittsburgh, April 28 - CFM U.S. Corp. obtained court approval of the bidding procedures for the proposed sale of substantially all of its assets, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

Under the procedures, the company has until June 23 to select a stalking horse bidder. If CFM does select a stalking horse bidder, a hearing would be held on June 25 for approval of that purchase agreement, including any break-up fee and expense reimbursement to be paid to the stalking horse bidder.

The auction will be held on June 27, and the sale hearing is scheduled for June 30.

Huntington, Ind.-based CFM designs, develops, manufactures and distributes hearth and heating products. The company filed for bankruptcy on April 9. Its Chapter 11 case number is 08-10668.

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