The sale of Dlubak Corp.’s non-real estate assets began in Pittsburgh this morning and remained ongoing as of press time, with the bidding starting at $2.2 million.
General Glass International (GGI), of Secaucus, N.J., had earlier secured the “stalker’s horse bid” of $2.2 million in its bid to purchase the assets of the Blairsville, Pa.-based Dlubak Corp., which filed for Chapter 11 bankruptcy last month, according to papers filed with the U.S. Bankruptcy Court of the Western District of Pennsylvania.
The sale, which began at 10 a.m., will include equipment and inventory, books and records, all intellectual property rights, all products in development and all cash, cash equivalents and accounts receivable.
Dlubak Corp. listed more than 200 creditors upon filing for bankruptcy on August 7, including PPG Industries, Quanex, Trulite, Intertek, Allmetal, Bayer, Bottero Inc., Bystronic, C.R. Laurence Co. and Glaston America Inc., among others. Curbell Plastics is easily the largest creditor, with Dlubak Corp. owing it more than $905,000 according to court records. Dlubak Corp.’s estimated assets and estimated debts are both listed between $1 million and $10 million, according to court records.
Stay tuned to USGNN™ for updates as they are made available.