A US Bankruptcy Court has approved the sale of all Trainor Glass’ assets in Florida, North Carolina, Virginia and Texas, which includes machinery, equipment, tools and supplies, “and other tangible property”.
The US Bankruptcy Court for the Northern District of Illinois has approved the sale of substantially all of Trainor Glass’ assets in Florida, North Carolina, Virginia and Texas to Harmon Inc. for approximately USD 3 million. The sale includes all machinery, equipment, tools and supplies, “and other tangible property”.
Asset not specifically identified as a purchased asset, according to the agreement, including “any cash, accounts inventory, goods, vehicles, boats, video conference equipment, computer equipment, office furniture, office equipment, and modular wall assets located in Farmers Branch, Texas, and all assets located in New Buffalo, Mich. “, are, however, not included, according to the agreement.
The court had received one objection to the sale from Daniel Budorick of Pecker & Abramson, representing New York-based general contractor Skanska USA Building Inc., which had subcontracted several projects to Trainor in the south. The company had requested permission from the court to hire substitute contractors to complete the work, and this request was accepted, but, upon the filing of the motion for authorization of the sale to Harmon, Skanska also requested that the court enter an order “excluding certain assets from the sale order, specifically all equipment and tools of [Trainor] that were left at any of the Skanska projects.”
In addition, Budorick requested Trainor provide a list of all the equipment and tools left at the Skanska projects, and that the company be permitted to use the equipment and tools until completion of the projects, and then return to Harmon upon completion.
According to the order from the court approving the sale, the Skanska matter was resolved, permitting the company to continue to use the equipment and tools, and that the companies will work out “an agreeable procedure for return of any such equipment and tools” at the completion of the named projects.