Fenwick Auto, Introcan get OK for $12.29 million sales of most assets

By Jim Witters

Wilmington, Del., Sept. 9 - The Chapter 7 trustee for Fenwick Automotive Products Ltd. and Introcan, Inc. received approval for the sale of most of the companies' assets in two transactions totaling $12.29 million during a Sept. 9 hearing in the U.S. Bankruptcy Court for the District of Delaware.

Cardone Industries, Inc. emerged from Aug. 30 and Sept. 6 auctions as the prevailing bidder for more than a dozen large lots with a purchase price of $11.25 million.

BBB Industries, LLC was the second-highest bid at $11 million.

The second large-lot auction resulted in Triple Diamond Imports, Inc. obtaining two lots for a purchase price of $1.04 million.

Excluded from the purchases are the companies' accounts receivable, trademarks, brand names and intellectual property.

John T. Carroll, representing the Chapter 7 trustee, said closing of the sales will be postponed until Cardone can negotiate a lease on a property in Lock Haven, Pa.

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

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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