NCoat Sale Approved Over Creditors' Disapproval

Law360, New York (September 28, 2010, 7:00 PM EDT) -- Overruling objections from unsecured creditors, a federal judge signed off Tuesday on the $1 million sale of bankrupt high-performance coating company nCoat Inc. to private equity firm Fort Ashford Funds LLC.

Judge Thomas W. Waldrep Jr. of the U.S. Bankruptcy Court for the Middle District of North Carolina approved the sale, finding it fair and reasonable. NCoat had already agreed to an asset purchase agreement with Fort Ashford before it filed for Chapter 11 bankruptcy protection in August.

The company, formed in 2004, develops coatings using...
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