from Cascade Partners
Wrena, LLC Announces Chapter 11 Bankruptcy Sale Process Under Section 363
Ohio-based Stamped Metal Supplier Pursues Asset Sale to Address Liabilities
SOUTHFIELD, MI / ACCESSWIRE / November 6, 2024 / Wrena, LLC ("the Company"), a full-service supplier of stamped metal products to the automotive industry, has announced a sale process under Chapter 11, Section 363 of the U.S. Bankruptcy Code. Despite its profitable operations, the Ohio-based Company is pursuing this path to address litigation-related liabilities and maximize the value of its assets through an organized sale process. With estimated revenue of $18.6 million for the fiscal year ending December 31, 2024, Wrena, LLC employs approximately 50 people.
Wrena location
Sale Process and Timeline
On October 28, 2024, the Bankruptcy Court approved a structured sale process for Wrena, LLC, including key dates and requirements for prospective bidders. Cascade Partners, LLC is the investment bank managing the process:
Qualified Bidders Requirements: Potential bidders must become Qualified Bidders by submitting the following to the Company by December 6, 2024:
A signed asset purchase agreement (APA) similar to the Company's form APA, with bids limited to cash or assumption of liabilities and not subject to financing conditions.
A good faith deposit of at least 5% of the cash purchase price.
Proof of financial ability to complete the transaction, to the Company's satisfaction.
Written acknowledgment that the bid requires no additional due diligence, board approval, or non-governmental consents.
Initial Bid Received: Wrena, LLC has received an initial bid from a related entity for $5.65 million in cash plus assumption of employee-related liabilities.
Auction and Sale Hearing: If multiple Qualified Bids are received, an auction will be held on December 10, 2024, starting with the highest bid submitted by the deadline. The final approval of the highest bid will be sought at a Sale Hearing on December 16, 2024, with the sale expected to close shortly thereafter.
Cascade Partners, LLC, the investment bank managing the process, invites interested parties to contact: Shareef Simaika or Matthew Miller at wrangler@cascade-partners.com for further details.
Contact Information
Cascade Partners, LLC
1000 Town Ctr, Ste 1100
Southfield, MI 48075
Contact Information
Shareef Simaika
Managing Director
wrangler@cascade-partners.com
SOURCE: Cascade Partners, LLC
View the original press release on newswire.com.