PITTSBURGH The assets of Ferromet Corp. and subsidiary Ferrotech Inc. are headed for the auction block after no buyer surfaced for the business as a whole.
Auctioneer M. Davis Group LLC has scheduled a court-ordered bankruptcy sale for Dec. 13 at the companys New Castle, Pa., facility. Equipment and real estate will be sold that day, and bidders can make offers on site or via the Internet.
The auction house had been conducting a turnkey liquidation sale for potential buyers to bid on the bankrupt scrap metal processors real estate and equipment. As no potential owner has materialized, the assets will now be available piecemeal in the one-day event, Max Davis, a principal at the Pittsburgh-based auction company, told AMM.
The sale includes the parent companys 11-acre New Castle property, which includes a 225,000-square-foot facility with indoor and outdoor rail access, a 12,000-square-foot office building, a shredder and an array of equipment (amm.com, Oct. 29).
Medina, Ohio-based 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).