AGC Incorporated Initiates Section 363 Sale Process
MERIDEN, Conn., April 19, 2013 (GLOBE NEWSWIRE) -- Today AGC Incorporated
announced that it filed for Chapter 11 bankruptcy protection in the United
States Bankruptcy Court for the District of Connecticut on April 16, 2013 and
that it has initiated proceedings in the bankruptcy in connection with the
potential sale of substantially all of the assets of the company. Harlow
Aerostructures LLC has entered into an Asset Purchase Agreement with the
company, which includes a purchase price of $5,700,000 in cash, and will be
the stalking-horse bidder in an auction currently scheduled forMay 13, 2013.
AGC negotiated the Harlow Aerostructures LLC bid with the assistance of its
investment bankers, Alderman & Company Capital.
AGC had $16.6 million in revenue during the most recent fiscal year, ending
February 28, 2013. The company manufactures and repairs precision components
and assemblies for the aerospace industry. AGC's unique market niche is
titanium hot forming and combination bonding, including rubber to metal,
plastic to metal and urethane to metal. Included in the product base is the
manufacture of fan exit vane assemblies and low-pressure compressor stators.
The company's website is http://www.agcincorporated.com.
AGC has been authorized by the bankruptcy court to proceed with the auction,
provided the company receives additional qualified bids. The Harlow
Aerostructures LLC bid will serve as the opening bid in any auction and a
final sale will be made to the highest and best offer, subject to approval of
the bankruptcy court. The following dates have been set by the court: i) the
bid deadline is May 8, 2013; ii) the auction will take place on May 13, 2013;
and iii) a court hearing to authorize the sale to the highest or otherwise
best bidder will commence on May 20, 2013.
Qualified parties interested in bidding for the assets of AGC should contact
Alderman & Company Capital, at the following address: William H. Alderman,
President; Alderman & Company Capital, LLC; 20 Silver Brook Rd., Ridgefield,
Conn. 06877. Tel: (203) 244-5680; Mobile: (914) 414-4070; Fax: (203) 779-1122;
CONTACT: R. Bruce Andrews
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