Source: Al
MOBILE, Ala. -- Most of Bender Shipbuilding & Repair Co.'s Mobile operations will have a new owner by Dec. 15, according to documents obtained by the Press-Register and the shipbuilder's chief executive, Tom Bender.
The shipyard, which sought Chapter 11 bankruptcy protection in early July, has hired New Orleans-based Global Hunter Securities LLP to handle the sale of about 80 percent of its property along the Mobile riverfront.
That came after three Bender creditors tried to force liquidation of shipyard assets in an attempt get tens of millions they said they are owed. Court records indicate that the company had liabilities of $100.7 million versus assets of $98.3 million at the time of its bankruptcy filing.
According to an information package sent to potential buyers, the for-sale property includes six repair/construction yards, three steel floating dry docks, and other equipment on 26 acres.
The property has 3,300 feet of deepwater frontage, according to the documents.
Bender's Mexican shipyard and a local steel processing center will be sold in separate auctions, according to the documents.
Tom Bender said Wednesday that the transaction is part of a bankruptcy auction that allows an initial bidder, known colloquially as a stalking horse, special privileges such as expense reimbursements. He said Dallas private-equity firm SunTx Capital Partners will be announced as the initial bidder in mid-October, but added that SunTx is "in it to get it and have an ongoing business."
He said that neither he nor members of his family plan to submit bids. But should SunTx win, he said, "the management of the shipyard will go to work for the new company."
Bender declined to reveal the minimum bid, but said that information should be public later this month.
According to the information package, interested parties are to sign and return non-disclosure agreements by Oct. 2, and meet with Bender managers by Oct. 23. A due diligence period, which could include a site visit, should be complete by Nov. 13. Bids are due about a week before the targeted mid-December closing date.
Bender said SunTx had already performed its due diligence.
Tom Bender said his company now operates with the aid of a two-year, $5 million line of credit from a Ross Perot-backed investment company, "which allows us to assure our customers that we have sufficient working capital."
Bender said the company has performed about 60 small repair jobs since the filing, and is pursuing much larger jobs. The local yard, where as many as 1,000 people have worked, now has about 225 employees, he said. Bender said SunTx would keep those employees should it buy the shipyard.
MOBILE, Ala. -- Most of Bender Shipbuilding & Repair Co.'s Mobile operations will have a new owner by Dec. 15, according to documents obtained by the Press-Register and the shipbuilder's chief executive, Tom Bender.
The shipyard, which sought Chapter 11 bankruptcy protection in early July, has hired New Orleans-based Global Hunter Securities LLP to handle the sale of about 80 percent of its property along the Mobile riverfront.
That came after three Bender creditors tried to force liquidation of shipyard assets in an attempt get tens of millions they said they are owed. Court records indicate that the company had liabilities of $100.7 million versus assets of $98.3 million at the time of its bankruptcy filing.
According to an information package sent to potential buyers, the for-sale property includes six repair/construction yards, three steel floating dry docks, and other equipment on 26 acres.
The property has 3,300 feet of deepwater frontage, according to the documents.
Bender's Mexican shipyard and a local steel processing center will be sold in separate auctions, according to the documents.
Tom Bender said Wednesday that the transaction is part of a bankruptcy auction that allows an initial bidder, known colloquially as a stalking horse, special privileges such as expense reimbursements. He said Dallas private-equity firm SunTx Capital Partners will be announced as the initial bidder in mid-October, but added that SunTx is "in it to get it and have an ongoing business."
He said that neither he nor members of his family plan to submit bids. But should SunTx win, he said, "the management of the shipyard will go to work for the new company."
Bender declined to reveal the minimum bid, but said that information should be public later this month.
According to the information package, interested parties are to sign and return non-disclosure agreements by Oct. 2, and meet with Bender managers by Oct. 23. A due diligence period, which could include a site visit, should be complete by Nov. 13. Bids are due about a week before the targeted mid-December closing date.
Bender said SunTx had already performed its due diligence.
Tom Bender said his company now operates with the aid of a two-year, $5 million line of credit from a Ross Perot-backed investment company, "which allows us to assure our customers that we have sufficient working capital."
Bender said the company has performed about 60 small repair jobs since the filing, and is pursuing much larger jobs. The local yard, where as many as 1,000 people have worked, now has about 225 employees, he said. Bender said SunTx would keep those employees should it buy the shipyard.
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