Gores' $30M Bid Leads Point Blank Ch. 11 Sale

Law360, New York (October 7, 2011, 7:31 PM EDT) -- A Delaware bankruptcy judge on Wednesday approved the auction process for Point Blank Solutions Inc. that is built around private equity firm The Gores Group LLC’s $30 million offer for the body armor maker.

U.S. Bankruptcy Judge Peter J. Walsh set the assets auction for Oct. 27, setting the stage for the Gores-backed stalking horse, Barrier Acquisition LLC, to take control of the beleaguered company unless debtor-in-possession lenders led by buyout firm Lonestar Partners LP or any other suitor swoops in with a superior bid....
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.