PITTSBURGH The liquidation sale for the assets of Medina, Ohio-based Ferromet Corp. and subsidiary Ferrotech Inc. is under way, with an auction house accepting bids for the bankrupt scrap metal processors real estate and equipment.
Pittsburgh-based M. Davis Group LLC is handling the sale of the parent companys 11-acre New Castle, Pa., property, which includes a 225,000-square-foot facility that has indoor and outdoor rail access and a 12,000-square-foot office building.
The sale also includes a 2,500-horsepower shredder plant, a cable-chopping system, seven overhead cranes, scales, a turnings crusher, three shears, various types of balers, a screening plant, a separation plant, excavators, loaders and burning equipment. Other items include backhoes, forklifts, flat-bed trailers, office trailers, trucks, magnets, wrecking balls and roll-off boxes.
It is unclear when the turnkey sale will close as court documents do not specify a date and the auctioneer could not be reached for comment.
Ferromet and Ferrotech filed for Chapter 11 bankruptcy protection in May, citing an issue with its lending institution as the main driver behind the move (amm.com, May 10).