Mississippi Phosphates proposes bid procedures for sale of all assets

By Kali Hays

New York, Nov. 12 – Mississippi Phosphates Corp. is seeking approval of bid procedures on the sale of substantially all company assets, according to a Nov. 12 motion with the U.S. Bankruptcy Court for the Southern District of Mississippi.

Assets being sold include fertilizer production facilities and chemical storage tanks used in production, all of which are located in Pascagoula, Miss.

The company does not have a stalking horse bidder, but the deadline to submit bids is Feb. 27, according to the motion.

Though a value estimate was not included in the motion, the company said “the value of the sale assets will be established through the auction and sale process.”

The company asked that an auction be scheduled for March 6, with a sale hearing held on March 13.

Mississippi Phosphates, a Pascagoula, Miss., fertilizer company, filed for bankruptcy on Oct. 27. The Chapter 11 case number is 14-51667.

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