STRUTHERS INDUSTRIES – This fabricator of feedwater heaters, fired heaters, and other large steel cylinders had been in Chapter 11 for several years. Sales had deteriorated substantially, many employees were gone, and its two plants were barely operating. A conversion to Chapter 7 was looming just weeks away when the Debtor retained SC&H Capital.
The creditors agreed to give SC&H Capital ninety days to sell the assets. SC&H Capital quickly obtained several going concern bids, and bids on the various groupings of the company’s assets. At a very lively auction in court, the intellectual property was sold for a seven figure sum, ensuring that the estate obtained going concern value. In addition, other bidding led to the sale of the machinery and equipment, sales of multiple pieces of real property, and a sale of the receivables. All of the sales were approved by the court, with closings occurring over the next 10 days.