Aceto granted OK of Arsynco debtor’s $1.05 million property sale

By Caroline Salls

Pittsburgh, Sept. 5 – Aceto Corp. received court approval of the $1.05 million private sale of debtor Arsynco, Inc.’s property in Carlstadt, N.J., to 511 Thirteenth Street LLC, according to an order filed Thursday with the U.S. Bankruptcy Court for the District of New Jersey.

The site the property is located on was closed in 1993, the motion said. Aceto said settlements have been reached since the closure related to environmental remediation obligations at the site. Funds were earmarked for those obligations from the proceeds of the sale of Aceto’s Chemical Plus business.

Arsynco will be required to pay a 4% broker’s fee at the closing of the property sale.

Aceto is a Port Washington, N.Y.-based developer, marketer, seller and distributor of human health products, pharmaceutical ingredients and performance chemicals. The company filed bankruptcy on Feb. 19, 2019 under Chapter 11 case number 19-13448.

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