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).