Balmoral Funds: iGPS finalizes sale to iGPS Logistics joint venture

By Caroline Salls

Pittsburgh, Aug. 2 - iGPS Co. LLC finalized the sale of its assets to iGPS Logistics LLC, a joint venture formed by Balmoral Funds, One Equity Partners, some of their affiliates and Jeff and Robert Liebesman, according to a Balmoral news release.

"Our new capital structure, combined with the pooling experience brought by existing management team, Robert and myself, will enable us to enhance our current operations and expand our product offerings in the year ahead," new iGPS Logistics chief executive officer Jeff Liebesman said in the release.

"The company is now well positioned to continue to pursue its mission of adding real value to our customers and to all segments of the supply chain."

As previously reported, the total deal is worth about $165 million, including a credit bid, the waiver of a $150 million deficiency claim, the buyer's contribution of $2.5 million to a recovery pool for general unsecured creditors and the buyer's commitment to pay off $12 million debtor-in-possession financing facility.

iGPS, an Orlando-based operator and owner of a global pallet rental pool with embedded RFID tags, filed for bankruptcy on June 4 in the U.S. Bankruptcy Court for the District of Delaware. The Chapter 11 case number is 13-11459.

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