Judge OKs $80M Versa Bid For Bowe Bell & Howell

By Lance Duroni (May 12, 2011, 3:11 PM EDT) -- A Delaware bankruptcy judge on Thursday cleared private equity firm Versa Capital Management Inc. to enter an $80 million stalking horse agreement to purchase mail sorting machine maker Bowe Bell & Howell.

BBH, parent company Bowe Systec Inc. and several affiliates filed for Chapter 11 protection April 18, citing an ill-fated 2003 merger with Bowe Systec AG and an inability to refinance their secured debt, which matured in June.

Judge Peter J. Walsh signed off on bidding and auction procedures in connection with the sale after the debtors reached an accord with the official committee of unsecured creditors, which had been...

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