Saturday, July 07, 2007
DURA SELLS IT'S ATWOOD DIVISION TO INSIGHT EQUITY
RV Business
Friday, July 6, 2007
Dura Automotive Systems Inc., an auto-parts maker that is reorganizing while in bankruptcy, agreed to sell its Atwood Mobile Products unit for $160.2 million to Insight Equity, operating under the name Atwood Acquisition Co. LLC. It announced the deal late Thursday (July 5).
With 2006 sales of approximately $330 million, Elkhart, Ind.-based Atwood supplies a broad range of products to the recreation vehicle, specialty vehicle and manufactured housing markets. The division’s lines include windows and doors, specialty glass, hardware appliances and electronics. Dura said in May that it was seeking a buyer.
"This agreement is a major milestone in our restructuring efforts," Dura Chairman and CEO Larry Denton said in a statement.
If U.S. Bankruptcy Court Judge Kevin Carey in Wilmington, Del., approves procedures for a sale at a hearing on July 24, an auction for the unit will be held in August. If no other bidders top Insight's offer, it would be declared the winner.
Under the proposed sale procedures, Insight would collect a $3.2-million fee if it doesn't win the auction for the subsidiary. Rochester Hills-based Dura said it hopes to complete the sale by the end of August.
The company proposed a deadline of Aug. 8 for initial bids and will ask Carey to schedule the auction for Aug. 14.
Friday, July 6, 2007
Dura Automotive Systems Inc., an auto-parts maker that is reorganizing while in bankruptcy, agreed to sell its Atwood Mobile Products unit for $160.2 million to Insight Equity, operating under the name Atwood Acquisition Co. LLC. It announced the deal late Thursday (July 5).
With 2006 sales of approximately $330 million, Elkhart, Ind.-based Atwood supplies a broad range of products to the recreation vehicle, specialty vehicle and manufactured housing markets. The division’s lines include windows and doors, specialty glass, hardware appliances and electronics. Dura said in May that it was seeking a buyer.
"This agreement is a major milestone in our restructuring efforts," Dura Chairman and CEO Larry Denton said in a statement.
If U.S. Bankruptcy Court Judge Kevin Carey in Wilmington, Del., approves procedures for a sale at a hearing on July 24, an auction for the unit will be held in August. If no other bidders top Insight's offer, it would be declared the winner.
Under the proposed sale procedures, Insight would collect a $3.2-million fee if it doesn't win the auction for the subsidiary. Rochester Hills-based Dura said it hopes to complete the sale by the end of August.
The company proposed a deadline of Aug. 8 for initial bids and will ask Carey to schedule the auction for Aug. 14.
