Cadence seeks court OK to sell Chesterfield property for $7.48 million

By Caroline Salls

Pittsburgh, June 4 - Cadence Innovation LLC requested court approval of the $7.48 million sale of its Chesterfield Township, Mich., property to Metro International Trade Services, LLC, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The property houses two of Cadence's industrial facilities.

Metro International has paid a $250,000 deposit toward the purchase price.

Cadence said it has not solicited competing bids because it feels the property has already been extensively marketed.

A hearing is scheduled for June 25.

Cadence, a Troy, Mich.-based auto parts supplier, filed for bankruptcy on Aug. 26, 2008. Its Chapter 11 case number is 08-11973.

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