Judge OKs $85M Sale Of Palm Harbor To Cavco

Law360, New York (March 4, 2011, 7:35 PM EST) -- Palm Harbor Homes Inc., a Dallas-based maker of modular and manufactured homes, won bankruptcy court approval Friday to sell its assets to competitor Cavco Industries Inc. for a cash and credit bid of $85.2 million.

The winning bid came in a “very spirited auction” on Tuesday, David W. Wirt of Locke Lord Bissell & Liddell LLP, an attorney for the debtors, said at hearing in the U.S. Bankruptcy Court for the District of Delaware.

Cavco’s initial stalking horse bid of $50 million increased significantly as the...
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