July 8, 2015
Lee Steel to Sell Assets as Part of Bankruptcy Filing
Lee Steel, the Michigan-based flat-rolled steel service center, has received permission from the bankruptcy court to sell its purchased assets. An auction is planned for Aug. 11 at the office of McDonald Hopkins, PLC, in Southfield, Mich., though bidding for assets will begin this month.
Court filings indicate Lee Steel has contacted a broad range of potential purchasers of their assets, including both strategic and financial buyers within and outside of the steel industry, plus other parties expressing an interest in acquiring the assets.
The purchased assets include “all tangible and intangible assets and personal property owned by debtors and used to operate and conduct the debtors’ business operations.” Among the free and clear assets listed in the bankruptcy court filing is a 74-inch Herr-Voss Strand Extensioner.
A stalking horse purchase agreement also has been set up as a potential bidder for the company’s assets. A stalking horse purchase must be completed by Aug. 28.
Lee Steel, which has headquarters in Novi, Mich., has facilities in Wyoming and Romulus, Mich. The company offers slitting, multi-blanking and an EPS acidless pickling line. The company filed for bankruptcy protection in April.