Bankrupt Plextronics Gets Nod For $32.6M Sale To Solvay

Law360, Wilmington (March 6, 2014, 7:41 PM EST) -- A Delaware bankruptcy judge on Thursday approved Plextronics Inc.'s $32.6 million sale to a unit of a unit of Belgian chemical giant Solvay SA, the technology research company's largest shareholder and creditor.

Pittsburgh-based Plextronics filed for Chapter 11 in January after lining up Solvay America Inc. as a stalking horse bidder. Without that agreement, the company would have run out of funds and been forced to cease operations, Plextronics attorney Paul J. Cordaro told the court.

The sale to Solvay, which includes a $24.1 million credit...
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