Reichhold seeks approval to sell surplus properties for $5.14 million

By Caroline Salls

Pittsburgh, June 23 – Reichhold Holdings US, Inc. requested court approval to sell four surplus properties for a total of $5,135,000, according to a June 22 filing with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, Albert and Cornelia, LLC agreed to buy two Newark, N.J., properties for $700,000 and $435,000, respectively; Value Industry, Inc. agreed to buy a third Newark property for $3.5 million; and Pioneer Environmental Services, LLC agreed to buy a Chicago property for $500,000.

The properties in question are among a group not purchased as part of the sale of substantially all of Reichhold’s assets.

A hearing is scheduled for July 13.

Reichhold supplies resins for the industrial, transportation, construction, marine, consumer and graphic arts markets. It is based in Durham, N.C. The company filed for bankruptcy on Sept. 30, 2014 under Chapter 11 case number 14-12237.

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