Hussey Copper Auction Plan Greenlit After Surprise Bid

Law360, Wilmington (October 19, 2011, 7:14 PM EDT) -- A Delaware bankruptcy judge on Wednesday cleared Hussey Copper Corp. to sell its assets at auction after a second would-be stalking horse bidder forced Kataman Metals LLC to up its initial offer for the copper products company to $88.7 million.

The second bidder — Halkos Holdings LLC — emerged Tuesday as Hussey sought to approve auction procedures and an $84.7 million stalking horse bid from an affiliate of Kataman, a St. Louis-based metals trader. Halkos’ bid was on indisputably better terms than Kataman’s offer, knocking several...
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