Techniplas names Revere as winning bidder for non-designated assets

By Caroline Salls

Pittsburgh, June 11 – Techniplas, LLC named Revere Plastics Systems, LLC as the winning bidder for its non-designated assets, according to a notice filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

Revere, which was designated as a stalking horse bidder before the June 9 auction, submitted a $2.13 million final bid for the assets. The company said the bid is worth $2.25 million to its estates because it will not have to pay Revere the bid protections it would have been required to pay if Revere was not the winning bidder.

Tiger Capital Group, LLC and its joint venture partners Branford Auctions, LLC, Myron Bowling Auctioneers, Inc. and Absolute Machinery were named in the notice as the back-up bidder. The joint venture’s final cash offer was $2.2 million.

The sale hearing is scheduled for June 12.

Techniplas is a Nashotah, Wis.-based plastics manufacturer. The company filed bankruptcy on April 6 under Chapter 11 case number 20-11049.

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