The U.S. Bankruptcy Court for the Northern District of Illinois has approved the sale of Trainor Glass’ impact glazing systems assets to Miramar, Fla.-based Aldora Holdings LLC for $10,000.
Trainor had motioned for approval of the sale in late-March as part of its ongoing Chapter 11 bankruptcy case.
The impact glazing system assets include 12 sets of engineering drawings for wall systems designed to withstand the impact of objects blown by hurricane winds, according to court documents. The drawings had been submitted to the Miami-Dade County Product Control Division, which approved the products in the drawings “as having been designed to comply with the Florida Building Code, including the High Velocity Hurricane Code.”
The sale of the drawings included Trainor’s “title and interest in the engineering drawings, the test reports relating to the drawings, the notices of acceptance from Miami-Dade, and the right to use the extrusion dies for the products.”
The assets were sold “as is, where is, without any representations or warranties.”
Trainor had marketed the assets to 11 prospective buyers and Aldora had the highest bid.
“The debtor believes that a private sale is in the best interest of creditors since the purchase price is a fair and reasonable offer for the sale assets, and the value of the sale assets does not justify further marketing of the assets,” the company had written in its motion for approval of the sale.
Aldora previously was known as Architectural Glass Products (AGP), until its name change and move in May 2012.
The latest action in the case comes just more than a year since the company filed for bankruptcy, shortly after it closed its doors last year.
