IGPS Auction Plan Gets Nod, But Judge Wary Of Price

By Matt Chiappardi (July 1, 2013, 5:37 PM EDT) -- A Delaware bankruptcy judge gave his nod Monday to plastic-pallet maker iGPS Co. LLC's plan to auction itself off, but said his final approval of the actual sale was far from a sure thing unless the floor price set by a joint venture that includes two private equity firms goes up "considerably."

U.S. Bankruptcy Judge Kevin Gross said he had concerns that the stalking horse bid that includes a $36 million credit bid from a joint venture of Balmoral Funds LLC, One Equity Partners and investors Jeff and Robert Liebesman, which had bought nearly $150 million of iGPS's pre-petition debt, was...

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