Norwood Wins OK For Proposed $132M Asset Sale

Law360, New York (May 26, 2009, 12:00 AM EDT) -- A federal judge has signed off on procedures for the sale of bankrupt promotional gifts supplier Norwood Promotional Products Holdings Inc. over the objections of Bank of New York Mellon Corp., which claimed the proposed price tag was $56 million too high.

Judge Peter Walsh of the U.S. Bankruptcy Court for the District of Delaware on Thursday approved the bidding procedures and a stalking horse agreement with Promotional Holdings LLC, an affiliate of private equity firm Aurora Capital, to purchase substantially all of Norwood's assets for...
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