Performance Transportation sets bid procedures for $67 million sale of substantially all assets

By Reshmi Basu

New York, Nov. 27 - Performance Transportation Services, Inc. requested court approval of the bidding procedures for the proposed $67 million sale of substantially all of its assets, according to a Tuesday filing with the U.S. Bankruptcy Court for the Western District of New York.

Allied Systems Holdings, Inc. was selected as the stalking horse bidder.

If Allied Systems is not the high bidder, Performance Transportation will pay a break-up fee of $400,000 as well as an expense reimbursement.

The hearing on approval of the bidding procedures is scheduled for Dec. 3, and the sale hearing is scheduled for Jan. 18.

Performance Transportation Services is a Detroit-based transporter of new automobiles, sport utility vehicles and light trucks. Its Chapter 11 case number is 07-04746.

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