Private Equity Firm Offers $30M For Point Blank Assets

Law360, Wilmington (August 29, 2011, 1:24 PM EDT) -- After failing to hash out a reorganization plan with creditors and shareholders, body armor maker Point Blank Solutions Inc. announced Monday that it would sell its assets in Delaware bankruptcy court, with a private equity firm offering an initial $30 million bid for the business.

The company asked U.S. Bankruptcy Judge Peter J. Walsh to approve a stalking horse asset purchase agreement with The Gores Group, along with bidding procedures for an auction to drum up potential higher offers, according to court documents.

“Gores has a...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.