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crucible?
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Nathan the Machinist
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(AMM) Piecemeal sale of Crucible assets expected to raise more cash for creditors
PITTSBURGH 28 September 2009 18:34
Crucible Materials Corp. is being sold piecemeal to get a better return for creditors, according to sources close to the situation.
Crucible, a Syracuse, N.Y.-based specialty steel producer, filed for bankruptcy protection in May. Last week, the U.S. Bankruptcy Court for the District of Delaware approved three bidders for three parts of the operation.
As expected, Allegheny Technologies Inc., Pittsburgh, received the OK to purchase Crucible's compaction and research divisions near Pittsburgh for $40.95 million.
And Crucible Industries Inc., through parent company J.P. Industries, Cleveland, was approved to purchase Crucible's Syracuse specialty steel mill operations for $8 million.
PITTSBURGH 28 September 2009 18:34
Crucible Materials Corp. is being sold piecemeal to get a better return for creditors, according to sources close to the situation.
Crucible, a Syracuse, N.Y.-based specialty steel producer, filed for bankruptcy protection in May. Last week, the U.S. Bankruptcy Court for the District of Delaware approved three bidders for three parts of the operation.
As expected, Allegheny Technologies Inc., Pittsburgh, received the OK to purchase Crucible's compaction and research divisions near Pittsburgh for $40.95 million.
And Crucible Industries Inc., through parent company J.P. Industries, Cleveland, was approved to purchase Crucible's Syracuse specialty steel mill operations for $8 million.
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What will it mean?
from Syracuse & Central New York
Breaking News, Business News »
Bankruptcy judge approves Crucible sale
By Charley Hannagan
September 25, 2009, 3:25PM
Wilimington, Del.--A U.S. Bankruptcy Court judge has approved the break up of Crucible Materials Corp, selling its assets to companies in Pennsylvania and Ohio.
U.S. Judge Mary F. Walrath this morning approved the sale of Crucibles compaction metals facility and research divisions in suburban Pittsburgh to Allegheny Technologies Inc. in Pittsburgh for $40.9 million.
She also approved the sale of the Crucible Speciality Metals plant located in Geddes to Crucible Industries LLC, a new company, for $8 million.
"This gives us a chance at a pretty good recovery, a better recovery than previously expected," said Ronald S. Gellert, the lawyer representing the committee of unsecured creditors.
Crucible Industries formed by Jack Jankovic, head of JP Industries Inc., a private investment group based in Cleveland. Jankovic plans to operate the plant, according to the Richard Knowles, subdistrict director for the United Steelworkers.
"It is our intent to operate the mill, and it is our intent to do so in a manner that results in growth and prosperity over time," the company said in an email to the Steelworkers.
The union expects to meet with the JPI management team Oct. 5 and 6, Knowles said.
Workers will not need to vote on a new agreement with JPI, if the new owners agree to a contract that is equal or better than an earlier agreement between BlackEagle Partners, he said.
BlackEagle, an investment group lead by Le Moyne College graduate Michael Madden, lost out to JPI in its bid to buy the Geddes plant.
Crucible Materials Corp. filed for bankruptcy May 6, citing a significant drop in demand for its steels. Its Geddes plant employs 693 people, about 550 of them are union members.
Breaking News, Business News »
Bankruptcy judge approves Crucible sale
By Charley Hannagan
September 25, 2009, 3:25PM
Wilimington, Del.--A U.S. Bankruptcy Court judge has approved the break up of Crucible Materials Corp, selling its assets to companies in Pennsylvania and Ohio.
U.S. Judge Mary F. Walrath this morning approved the sale of Crucibles compaction metals facility and research divisions in suburban Pittsburgh to Allegheny Technologies Inc. in Pittsburgh for $40.9 million.
She also approved the sale of the Crucible Speciality Metals plant located in Geddes to Crucible Industries LLC, a new company, for $8 million.
"This gives us a chance at a pretty good recovery, a better recovery than previously expected," said Ronald S. Gellert, the lawyer representing the committee of unsecured creditors.
Crucible Industries formed by Jack Jankovic, head of JP Industries Inc., a private investment group based in Cleveland. Jankovic plans to operate the plant, according to the Richard Knowles, subdistrict director for the United Steelworkers.
"It is our intent to operate the mill, and it is our intent to do so in a manner that results in growth and prosperity over time," the company said in an email to the Steelworkers.
The union expects to meet with the JPI management team Oct. 5 and 6, Knowles said.
Workers will not need to vote on a new agreement with JPI, if the new owners agree to a contract that is equal or better than an earlier agreement between BlackEagle Partners, he said.
BlackEagle, an investment group lead by Le Moyne College graduate Michael Madden, lost out to JPI in its bid to buy the Geddes plant.
Crucible Materials Corp. filed for bankruptcy May 6, citing a significant drop in demand for its steels. Its Geddes plant employs 693 people, about 550 of them are union members.