Galvex Sells Assets To Secured Lender

Law360, New York (May 5, 2006, 12:00 AM EDT) -- Despite a last-minute creditor dispute, bankrupt steel maker Galvex Holdings Ltd. has successfully sold all of its assets to lender SPCP Group LLC.

SPCP, one of the company’s secured lenders, with a $203 million claim against Galvex, had entered a credit bid in the auction.

The bid was approved by Judge Robert D. Drain, in the U.S. Bankruptcy Court for the Southern District of New York, where Galvex filed for Chapter 11 protection in January.

Russian steelmaker OAS Severstal also entered a bid, in which it...
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