Werner Picks Stalking Horse Bidder

Law360, New York (March 22, 2007, 12:00 AM EDT) -- After much debate, Werner Co. has designated a lead bidder in the auction for its assets, choosing a $265 million offer put forth by two first-lien lenders in the ladder maker’s bankruptcy case.

On Wednesday, the U.S. Bankruptcy Court for the District of Delaware signed off on Werner’s choice for the stalking horse bidder- Black Diamond Capital Management and Brencourt Advisors LLC.

The investment companies have been fighting a group of second-lien lenders, known as WH Acquisition Co., for the top bidding spot since January....
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