Synagro Ch. 11 Auction OK'd After Stalking Horse Bid Grows
By Jamie Santo
Law360, Wilmington (May 13, 2013, 8:48 PM ET) -- A Delaware bankruptcy judge on Monday signed off on Synagro Technologies Inc.'s bid procedures calling for a Chapter 11 auction next month after the biosolid recycler resolved the objections of a private equity firm that is its largest creditor by arranging for the stalking horse bidder to kick in an extra $10 million.
Houston-based Synagro sought court protection April 24 with Swedish private equity giant EQT Corp lined up as a $455 million stalking horse for a proposed June auction, but PE firm American Securities Opportunities...