Galvex Hammers Out Court Approval To Auction Assets

Law360, New York (April 7, 2006, 12:00 AM EDT) -- Embattled Estonian steel maker Galvex Holdings Ltd. has won judicial approval to auction off all its assets to its lender Silver Point Capital, or a higher bidder, on May 2.

Judge Robert D. Drain of the U.S. Bankruptcy Court in Manhattan approved the bidding rules on Wednesday and set an April 30 deadline for the submission of competing bids.

Silver Point Capital has offered a bid of $203 million, the total value of the outstanding debt, including interest to buy all the stock of Galvex Holding’s...
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