Pacific Steel takes $11.3M 'stalking horse' bid

Jun 23, 2014 | 02:41 PM | Frank Haflich

Tags  Pacific Steel Casting, Speyside, bankruptcy, stalking horse, Frank Haflich

NEW YORK — Pacific Steel Casting Co. has agreed to accept an $11.3-million offer from equity fund Speyside Fund LLC, but the sales price for the company could go higher if other bidders step up to the plate.

"Pacific Steel, through arm’s length negotiations, reached an agreement with Speyside to sell substantially all the assets of the company to Speyside," a Pacific Steel spokeswoman said. "The company and all of its constituencies believe that the value placed on the company is a fair value; the auction process helps ensure that maximum value is realized."....

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