Ashford's $24M Offer Beats Stalking Horse Bid For Textile Co.

Law360 (August 20, 2020, 6:29 PM EDT) -- A New York bankruptcy judge approved the sale of insolvent textile maker Northwest Co. to Ashford Textiles on Thursday after Ashford beat a stalking horse bidder with a revised $24 million offer submitted this week.

Following questions from U.S. Bankruptcy Judge Michael Wiles on Wednesday over Northwest's reasons for initially favoring stalking horse bidder Cathay Home Inc. over Ashford's larger cash offer at an auction earlier this month, the debtor reversed course and said a revised Ashford bid submitted late Wednesday was acceptable.

Northwest, a New York-based maker of sports-team branded blankets, throws and other home textiles, filed for bankruptcy in April...

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