Creditors Blast Boeing Supplier's Ch. 11 Stalking Horse Bid

Law360 (November 19, 2020, 8:32 PM EST) -- Unsecured creditors told a Delaware bankruptcy judge Thursday the proposed stalking horse offer to buy a California company that makes metal parts for the aerospace industry, including Boeing's troubled 737 Max fleet, undervalues the company.

In an objection filed with U.S. Bankruptcy Judge Brendan L. Shannon, the official committee of unsecured creditors asserted a $10 million floor bid from a fund controlled by private equity firm Twin Haven Capital Partners LLC to purchase Impresa Holdings Acquisition Corp. is "neither fair nor reasonable and far undervalues the going concern value of the debtors' business."

"Given the insider relationship between Twin Haven and...

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