Fenwick Auto, Introcan trustee get OK of bid procedures, auction

By Lisa Kerner

Charlotte, N.C., Aug. 22 - Fenwick Automotive Products Ltd. and Introcan, Inc. were granted approval of bidding procedures and a large-lot auction for the sale of substantially all of the debtors' assets, according to documents filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

Both debtors are separately capitalized subsidiaries of Motorcar Parts of America, Inc. They are collectively known as Fenco.

As previously reported the Chapter 7 trustee for both companies intended to sell the assets either in a single package or in lots.

The trustee has retained Tiger Valuation Services LLC to market the assets.

No stalking horse bidder has emerged.

Proposed procedures

Under the proposed procedures, there would be an open auction, the large-lot auction, for all of the assets.

The large-lot bid deadline is noon ET on Aug. 29.

The large-lot auction is scheduled for 11 a.m. ET on Aug. 30 by conference call.

The sale hearing date is Sept. 9.

The residual auction, if needed, would be scheduled by the trustee.

Los Angeles-based Motorcar provides remanufactured alternators and starters for the automotive aftermarket. Fenwick's Chapter 7 case number is 13-11500 and Introcan's is 13-11499.

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