Alliance Beats Titan With $54M Bid For GPX Assets

Law360, New York (December 14, 2009, 2:36 PM EST) -- A bankruptcy judge has approved GPX International Tire Corp.'s $54.2 million sale of some of its U.S. and South African business assets to Alliance Tire Co., which won out against a rival bid by Titan International Inc. last week.

Judge Joan N. Feeney of the U.S. Bankruptcy Court for the District of Massachusetts authorized bankrupt GPX to enter the asset purchase agreement with Alliance in an order Friday, saying the sale would provide the greatest recovery to GPX's creditors of any alternative.

GPX announced on Oct....
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