Indalex secures court approval of $121.81 million stalking horse bid

By Caroline Salls

Pittsburgh, July 6 - Indalex Holdings Finance Inc. received court approval of its selection of Sapa Holding AB's $121.81 million offer as the stalking horse bid for the sale of substantially all of Indalex's assets, according to a news release.

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.

If qualified competing bids are received, the auction will be held on July 16, and the sale hearing is scheduled for July 20.

Indalex, a Chicago-based aluminum extruder and producer of soft alloy extrusion products, filed for bankruptcy on March 20 in the U.S. Bankruptcy Court for the District of Delaware. Its Chapter 11 case number is 09-10982.

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