Private Equity Firm Offers $30M For Point Blank Assets

Law360, Wilmington (August 29, 2011, 1:24 PM EDT) -- After failing to hash out a reorganization plan with creditors and shareholders, body armor maker Point Blank Solutions Inc. announced Monday that it would sell its assets in Delaware bankruptcy court, with a private equity firm offering an initial $30 million bid for the business.

The company asked U.S. Bankruptcy Judge Peter J. Walsh to approve a stalking horse asset purchase agreement with The Gores Group, along with bidding procedures for an auction to drum up potential higher offers, according to court documents.

“Gores has a...
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