Indalex sets bid procedures for proposed $121.81 million asset sale

By Jennifer Lanning Drey

Portland, Ore., June 18 - Indalex Holdings Finance Inc. requested court approval of the bidding procedures for the proposed $121.81 million sale of substantially all of its assets, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

The stalking horse bidder is Sapa Holding AB. Indalex will pay Sapa a $5.3 million break-up fee if it selects another bid.

The proposed purchase price includes $90.11 million for Indalex's U.S. business and $31.70 million for its Canadian business.

Competing bids are due by 10 a.m. ET on July 14 and must be for at least $250,000 more than the Sapa bid plus the break-up fee amount.

Indalex has asked the court to schedule an auction for July 16 if competing bids are received.

The company has requested the sale hearing be scheduled for July 20.

Indalex, a Chicago-based aluminum extruder and producer of soft alloy extrusion products, filed for bankruptcy on March 20. Its Chapter 11 case number is 09-10982.

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