Wrena, a full-service supplier of stamped metal products to the automotive industry, detailed its sale process under chapter 11, Section 363 of the U.S. Bankruptcy Code. The Ohio-based company is pursuing this path to address litigation-related liabilities and maximize the value of its assets through an organized sale process._x000D_
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On Oct. 28, 2024, the bankruptcy court approved a structured sale process for Wrena, including key dates and requirements for prospective bidders. Cascade Partners is the investment bank managing the process._x000D_
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Qualified Bidders Requirements_x000D_
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Potential bidders must become Qualified Bidders by submitting the following to the company by Dec. 6, 2024:_x000D_
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- A signed asset purchase agreement (APA) similar to the company’s form APA, with bids limited to cash or assumption of liabilities and not subject to financing conditions.
- A good faith deposit of at least 5% of the cash purchase price.
- Proof of financial ability to complete the transaction, to the company’s satisfaction.
- Written acknowledgment that the bid requires no additional due diligence, board approval or non-governmental consents.
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Initial Bid Received: Wrena has received an initial bid from a related entity for $5.65 million in cash plus assumption of employee-related liabilities._x000D_
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Auction and Sale Hearing: If multiple Qualified Bids are received, an auction will be held on Dec. 10, 2024, starting with the highest bid submitted by the deadline. The final approval of the highest bid will be sought at a Sale Hearing on Dec. 16, 2024, with the sale expected to close shortly thereafter.
