Milacron signs deal to sell assets - Business Courier of Cincinnati:

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percent senior secured notes. Total consideration is estimaterd to beabout $175 the company said. The deal is on termsa substantially the same as an agreement inprinciplre , the same day Milacron file for Chapter 11 protection in federalk bankruptcy court, it said. In returmn for Milacron’s assets, the purchasera will repay or assume Milacron’sw debtor-in-possession loan facilities, assume certain of the company’s other liabilities, and provide additional consideratiom to noteholders who are not part of the purchasing The acquisition is part ofa “comprehensive financial restructuring, intended to permit Milacron to continue as a goiny concern with substantially less debt,” the company’s statement “This is a significanrt milestone in our restructuring process,” said Dave Milacron’s president and CEO.
“Sincs we began this reorganization process on March we have experienced a greatf outpouring of support from acrossthe industry. This, coupled with the faitj our investors havein Milacron’s brands, productss and people, positions us well for sustainer long-term success moving forward.” The agreement is subject to bankruptcgy court approval and potential competing bids from other Milacron has asked the court to approve procedurexs to solicit other qualified bids. Under the proposed if no other qualified bids are receivecd byJune 24, Milacron will request courf approval of the sale on June 26.
If at leasf one other qualified bidis received, an auctioj will be held on July 17, and Milacron’sd assets will be sold to the qualified bidderd submitting the highest and best subject to court it said. Milacron (OTCBB: MZIAQ.PK) is a Batavia-based manufacturer of plastics processing machinery and related Its Cimcool metalworking fluids businesws is basedin Oakley.