June 27, 2017 8:10 AM ET

Road and Rail

Company Overview of UCC Distribution, Inc.

Company Overview

UCC Distribution, Inc. provides freight road transportation services via trucks. The company was incorporated in 1995 and is headquartered in Merrillville, Indiana. UCC Distribution, Inc. operates as a subsidiary of DirectBuy, Inc.

8450 Broadway

Merrillville, IN 46410-6221

United States

Founded in 1995

Phone:

219-736-1100

Fax:

219-648-7339

Key Executives for UCC Distribution, Inc.

UCC Distribution, Inc. does not have any Key Executives recorded.

UCC Distribution, Inc. Key Developments

Motion for Asset Sale Approved for DirectBuy Holdings Inc.

The US Bankruptcy Court gave an order approving the sale of substantially all the assets of DirectBuy Holdings Inc. on February 14, 2017. The debtor has been authorized to sell substantially all its assets to CSC Generation, Inc., the successful bidder. The stalking horse bidder elected not to serve as the back-up bidder and therefore the auction was cancelled and the purchase agreement with CSC Generation, Inc. was announced as the successful bid.

Bidding Procedure Approved for DirectBuy Holdings Inc.

The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of substantially all the assets of DirectBuy Holdings Inc. on December 1, 2016. The Court approved the asset purchase agreement between the debtor and Derby SPV, Inc., the stalking horse bidder, for the sale of substantially all its assets for a purchase price of $10 million of credit bid plus assumption of liabilities plus cure amounts plus amounts payable to Canadian proposals pursuant to the asset purchase agreement dated November 1, 2016. To qualify as a qualified bidder, interested parties should submit their bids by January 12, 2017. If the debtor receives any qualified bids then it would hold an auction for its assets on January 18, 2017. The stalking horse bidder would be entitled to an expense reimbursement of $0.30 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for January 24, 2017.

Motion for Asset Sale Filed by DirectBuy Holdings Inc.

DirectBuy Holdings Inc. filed a motion in the US Bankruptcy Court for the sale of substantially all its assets on November 1, 2016. The debtor seeks the Court’s approval for the sale of substantially all its assets to Derby SPV, Inc., the stalking horse bidder, for a purchase price of $10 million of credit bid plus assumption of liabilities plus cure amounts plus amounts payable to Canadian proposals pursuant to the asset purchase agreement dated November 1, 2016. To qualify as a qualified bidder, interested parties should submit their bids by January 5, 2017. The initial minimum overbid should be at least $0.2 million more than the initial purchase price plus the amount of expense reimbursement. At the auction, the subsequent bids would be in increments of $0.2 million. The stalking horse bidder would be entitled to out-of-pocket expense reimbursement subject to a cap of $0.50 million in case of termination of the asset purchase agreement. The proceeds from the sale would be used to satisfy the debtor’s obligations. Micheal D Sirota, Ilana Volkov and Marc P Press of Cole Schotz P.C. represented the debtor as legal advisors and Gavin Westerman and Brian S. Rosen of Weil, Gotshal & Manges LLP represented the buyer as legal advisors.

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