Synagro's Top Creditor Offers To Fund Longer Ch. 11 Sale

Law360, Wilmington (May 9, 2013, 10:58 PM EDT) -- Synagro Technologies Inc.'s largest creditor on Thursday claimed the bankrupt recycling company's proposed bid procedures will force the company into a fire sale, but the private equity firm declared it is so confident a longer marketing period will maximize value that it will fund the process itself.

American Securities Opportunities Advisors LLC believes troubling auction terms such as a compressed time line and onerous bid protections will leave Synagro suitorless except for a $455 million stalking horse bid it claims seriously undervalues the company, the firm...
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