Bankrupt Toolmaker, Investors Agree To Asset Sale

Law360, New York (December 15, 2009, 5:27 PM EST) -- Ames Holding Corp., which holds several construction tool manufacturers, reached an agreement Tuesday to sell the bulk of its assets to a group of current investors, a day after filing for Chapter 11 protection in the wake of slumping revenues.

Ames expects to close the sale to private equity firm Aurora Capital Group, investment adviser GSC Group and capital provider Saybrook Corporate Opportunity Fund within 90 days, the company said.

Ames and its subsidiaries Axia Inc., TapeTech Tool Co. Inc. and Ames Taping Tool Systems Inc....
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