NYW Acquisition LLC (NYW), a Florida limited liability company, could acquire Wire Company Holdings, the owner of New York Wire, which filed for Chapter 11 bankruptcy reorganization on Oct. 8. The company would pay $8.1 million, or no less than $7.3 million after any adjustments.
Per an article in the Hanover Evening Sun, NYW filed an asset purchase agreement filed in U.S. Bankruptcy Court in Wilmington, Delaware. Wire Company Holdings, a maker of wire products for the automotive, electronics and communications industries. New York Wire, it said, lists more than $12.2 million in outstanding secured debt and in excess of $3.4 million in other obligations.
Any sale of the company would require the approval of Bankruptcy Court Judge Laurie Selber Silverstein, who is presiding over the case. Per the report, potential buyers have until 5 pm on Nov. 30 to make a bid of at least $8.1 million with 10% down. If more than one qualified bid is made, an auction would be held Dec. 3 at the law offices of Wire Company Holdings. Silverstein would then hold a hearing Dec. 9 in Wilmington to approve a buyer.