A recent motion filed by American Architectural regards the sale of its assets and facility, a 98,000-square-foot commercial building that includes a “state-of-the-art manufacturing facility and administration offices”.
Pennsylvania-based American Architectural Inc. (AAI) has reportedly filed a motion to sell its assets in the company’s Chapter 11 case. The motion, which requests an expedited hearing, and a limited and reduced notice period, requests authorization to auction certain assets free and clear of liens, claims and interests, and for the assumption and assignment of subcontracts.
According to court documents, the auction would include AAI assets and the company’s facility, a 98,000-square-foot commercial building that includes a “state-of-the-art manufacturing facility and administration offices”.
AAI has continued operations since filing for Chapter 11 in June. At the time of the Chapter 11 petition, the company had a backlog of 13 subcontracts, including six bonded projects, with “revenues in excess of USD 29 million.” Since the petition, seven of the projects have been completed, will be completed shortly, or have been terminated. These projects will not be available for sale at the auction, according to court documents.
The six subcontracts included in the motion to be available for sale at auction: Carnegie 57; two contracts at World Trade Center One/Freedom Tower; two contracts at the World Trade Center Path Hall, including a contract for the elevator; and World Trade Center Tower 4.