Trainor Glass has filed a motion for approval to sell its impacting glazing system assets to Miramar, Fla.-based Aldora Holdings LLC for $10,000. The motion was filed in the U.S. Bankruptcy Court for the Northern District of Illinois, where the company’s Chapter 11 case still is under review, on March 20.
The impact glazing system assets include 12 sets of engineering drawings for wall systems designed to withstand the impact of objects blown by hurricane winds, according to court documents. The drawings had been submitted to the Miami-Dade County Product Control Division, which approved the products in the drawings “as having been designed to comply with the Florida Building Code, including the High Velocity Hurricane Code.” Trainor is seeking to sell its right, title and interest in the engineering drawings, the test reports relating to the drawings, the notices of acceptance from Miami-Dade, and the right to use the extrusion dies for the products.”
If approved by the court, the assets would be sold “as is, where is, without any representations or warranties.”
Trainor had marketed the assets to 11 prospective buyers and Aldora had the highest bid.
“The debtor believes that a private sale is in the best interest of creditors since the purchase price is a fair and reasonable offer for the sale assets, and the value of the sale assets does not justify further marketing of the assets,” writes the company.
Aldora previously was known as Architectural Glass Products (AGP), until its name change and move in May 2012.