MMC Precision Holdings gets court permission for asset sale procedures

By Caroline Salls

Pittsburgh, April 23 - MMC Precision Holdings Corp. obtained court approval of the bid procedures for the proposed sale of substantially all of its assets, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company said it has elected to move forward without a stalking horse bid, but it thinks a stalking horse bidder could come forward in the next two weeks.

As a result, the company reserved its right to choose a stalking horse bid in the future and pay that bidder a 3% breakup fee if it is not the high bidder at auction.

Bids are due by 5 p.m. ET on May 13, and all bids must include a 10% deposit toward the proposed purchase price.

If more than one qualifying bid is received, the auction will be held on May 15. The sale hearing is scheduled for May 21.

Morton, Ill.-based MMC manufactures highly engineered metal components and subassemblies. The company filed for bankruptcy on March 22. Its Chapter 11 case number is 09-10998.

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