Candlewood Partners Announces Successful Grand Eagle Auction and Subsequent Sales Result in Divestiture of Most Assets.Business Editors & Legal Writers CLEVELAND--(BUSINESS WIRE)--April 2, 2002 On February 25, 2002, Glenn C. Pollack, Chapter 11 Trustee for Grand Eagle, Inc. and its five (5) debtor subsidiaries (collectively, "Grand Eagle") conducted a live auction sale with respect to the operating assets Operating Assets Another term for working capital. of Grand Eagle's Transformer, Breaker and Motor business divisions. The Auction Sale resulted in the sale of Grand Eagle's Transformer and Breaker business divisions in whole and the sale of significant Motors business division assets. The Auction Sale generated cash proceeds of approximately $15 million. Subsequent to the Auction Sale, Glenn C. Pollack and his financial advisors, Candlewood can·dle·wood n. 1. Any of several trees or shrubs yielding a usually resinous wood. 2. The wood of such a plant, burned for light or fuel. 3. The ocotillo. Noun 1. Partners, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , have continued efforts to sell the Motor business division facilities that were not sold at the Auction Sale. To date, these efforts have resulted in the sale of an additional six (6) facilities. These sales have generated approximately $3.5 million in additional cash proceeds. The Auction Sale, combined with the subsequent sale of Unsold Motor Facilities, has resulted in 21 separate asset sale transactions. In connection with these transactions, Grand Eagle retained assets worth approximately $3 million, primarily receivables that the Trustee expects to collect in an orderly, expedited fashion. After completion of the sales of Unsold Motor Facilities described above, four (4) closed facilities will remain. The Trustee expects to dispose of To determine the fate of; to exercise the power of control over; to fix the condition, application, employment, etc. of; to direct or assign for a use. See also: Dispose these facilities, along with all other remaining assets of Grand Eagle, in the near future. On February 27, 2002, the United States Bankruptcy Court for the Northern District of Ohio The District of Ohio was a federal judicial district of the United States created by the Federal Judiciary Act of 1801 which consisted of the Northwest and Indiana Territories. , Eastern Division, Akron, Ohio approved the Auction Sales. In addition, the Trustee has a motion pending regarding approval of the sales of the Unsold Motor Facilities. Benesch, Friedlander, Coplan & Aronoff LLP LLP - Lower Layer Protocol represented the Trustee in connection with the Grand Eagle transactions. "I'm pleased with the number of facilities sold as going concerns, including many to Grand Eagle employee groups. These sales obviously created the most opportunities for Grand Eagle employees," said Glenn C. Pollack, Trustee for Grand Eagle. "As evidenced by the proceeds from these sales, along with the expected value of the retained assets, the Chapter 11 process allowed for the opportunity to maximize the value of Grand Eagle's assets." Grand Eagle, Inc. (a privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. ) was North America's largest independent motor, switchgear The term switchgear, used in association with the electric power system, or grid, refers to the combination of electrical disconnects, fuses and/or circuit breakers used to isolate electrical equipment. , and transformer services provider. Based in Richfield, Ohio, the company provides engineered upgrades, repair, remanufacturing and maintenance services for industrial, utility and commercial markets. |
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