Intermet bid procedures approved; minimum overbid at $23 million

By Caroline Salls

Pittsburgh, May 13 - Intermet Corp. obtained court approval of the bidding procedures related to the sale of substantially all of its assets under an agreement with its first-lien lenders, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company said it is preparing to file the terms of an exit strategy that will include a stalking horse credit bid between Intermet and the lenders.

Competing bids will be due by 4 p.m. ET on June 19 and must be for at least $23 million in cash. All bids must include a 10% deposit toward the purchase price.

The auction will be held on June 22, and the sale hearing is scheduled for July 14.

Intermet, a Fort Worth, Texas-based automotive cast component supplier, filed for bankruptcy on Aug. 12, 2008. Its Chapter 11 case number is 08-11859.

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