Cadence Innovation sets procedures for possible sale of three Michigan plants

By Caroline Salls

Pittsburgh, Dec. 8 - Cadence Innovation LLC requested court approval of the bidding procedures for the proposed sale of the assets related to its Chesterfield, Mich., Hillsdale, Mich., and Groesbeck, Mich., plants, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company said the plants being sold are used to manufacture components supplied to General Motors Corp. and Chrysler LLC.

Cadence said it has not received an offer that is acceptable to the company, and it reserved the right to withdraw the sale motion if it does not receive an acceptable bid.

Bids are due by 4 p.m. ET on Dec. 12, and all bids must include a 5% deposit.

The auction is scheduled for Dec. 15.

Bidding at auction will start with the highest bid received, and subsequent bids must be for at least $100,000 more than the previous bid.

Cadence, a Troy, Mich.-based auto parts supplier, filed for bankruptcy on Aug. 26. Its Chapter 11 case number is 08-11973.

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