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Federal bankruptcy court OKs Buckeye Steel's asset sale


On Jan. 7, U.S. Bankruptcy Court for the Southern District of Ohio approved procedures governing Buckeye Steel Castings Co.'s sale of substantially all its assets. The 121-year-old steelmaker filed for Chapter 11 reorganization Dec. 20.
Buckeye Steel plans to receive bids from qualified bidders by Feb. 7; if the company receives more than one qualified bid, Dinsmore & Shohl L.L.P. will conduct an auction Feb. 11 at its Columbus, Ohio, office.
On Feb. 14, the federal bankruptcy court will hold a hearing to consider "the highest and best bid or bids," according to a prepared statement.
If the court approves a bidder or bidders, Buckeye Steel expects to close the transaction no later than Feb. 18.
Buckeye Steel produces cast-iron undercarriages and couplings for rail cars, and steel parts for heavy-construction equipment.

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More News from 1/13/2003