Bankrupt Pallet Co. Says $39M PE Sale A Square Deal
By Jamie Santo
Law360, Wilmington (July 19, 2013, 11:02 PM EDT) -- A leaser of trackable plastic pallets spent Friday trying to convince a Delaware bankruptcy judge that its planned $39 million sale to a consortium of private equity firms and other investors is a fair deal, while critics countered the plastic pallet company was squandering valuable assets.
At a sale hearing in Wilmington, Del., iGPS Co. argued that while roughly $750 million had been invested in the company, $39 million was now all the market would bear. The contention was opposed by the U.S. trustee and iGPS'...