Powermate asks for court OK of $53,000 sale of remaining assets in the Philippines

By Jennifer Lanning Drey

Portland, Ore., June 26 - Powermate Holding Corp. requested court approval to sell its remaining Philippine assets for $53,000 to former employee David Nouvelot, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The assets include $608,000 in cash held in a bank account in the Philippines, $271,000 in outstanding accounts receivable, $252,000 in finished goods and other inventory and $6,000 in fixed assets.

According to the filing, Nouvelot is the only legal representative of the company's Philippines assets and the only person who can collect on the remaining accounts receivable because he is the company's only contact point with customers in the Philippines.

The company said it expects the sale of the Philippines assets to be its final asset disposition of significance.

Powermate, an Aurora, Ill.-based manufacturer of portable and standby electric generators, air compressors, air tools, pressure washers and accessories, filed for bankruptcy on March 17. Its Chapter 11 case number is 08-10498.

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