Firm nears takeover of Indiana Limestone Co.

0

BLOOMINGTON, Ind. (AP) — An investment firm is poised to
take over a financially troubled southern Indiana company that supplied
limestone to the Empire State Building, the Pentagon and other iconic
buildings.
A bankruptcy court auction for Indiana Limestone Co.
set for Monday was called off after only a subsidiary of suburban
Chicago private equity firm Wynnchurch Capital expressed interest in
bidding, The Herald-Times reported (http://bit.ly/1m4Qf0j ).
The
firm is now in line to buy the limestone company’s assets for $26
million. The company filed for bankruptcy protection in February and
notified state officials it would lay off 166 workers from its
Bloomington operations and Oolitic headquarters.
Indiana Limestone
President Duffe Elkins said the business is expected to reopen and
rehire workers after the new ownership takes charge.
"The new corporation will go through a rehiring process," he said. "The plan hasn’t
changed."
The
Wynnchurch subsidiary — Indiana Commercial Finance — bought a large
portion of the limestone quarrier and fabricator’s debt in January and
has been tabbed to place an opening auction bid since Indiana Limestone
Co. filed for Chapter 11 bankruptcy protection.
If a federal
bankruptcy court judge in Delaware approves the Wynnchurch deal, the
purchase should close in early May, Elkins said.
Duncan Bourne,
Wynnchurch’s managing director, said he wasn’t ready to discuss its
plans for the limestone company, which was founded in the 1920s and also
supplied limestone for the National Cathedral in Washington and 35
state capitol buildings.
"It’s not the right time," he said. "There’s still ongoing courtroom activity."
___
Information from: The Herald Times, http://www.heraldtimesonline.com
Copyright 2014 The Associated Press. All rights
reserved. This material may not be published, broadcast, rewritten or
redistributed.

No posts to display