CHAMPION PARTS - NOTICE OF PUBLIC SALE
NOTICE IS HEREBY GIVEN that on March 5, 2008, at 10:00 a.m. (the “Date of Sale”) in the offices of Vedder Price P.C., 222 North LaSalle Street, Suite 2600, Chicago, Illinois, the secured party PNC Bank National Association (”Seller”), pursuant to (i) Section 9 610 et seq. of the Revised Uniform Commercial Code as adopted under Arkansas and other applicable law, (ii) that certain Revolving Credit Loan and Security Agreement dated as of August 10, 2004 (as amended, modified, supplemented and restated from time to time, the “Loan Agreement”) between Seller, as lender, and Champion Parts, Inc., as borrower (”Borrower”), and (iii) that certain Order Granting The Motion of PNC Bank National Association for Relief From the Automatic Stay of the United States Bankruptcy Court Western District of Arkansas (Case No. 07-73253) dated January 29, 2008 (the “Lift-Stay Order”), will hold a public auction to offer for sale all of Borrower’s right, title and interest in and to the following assets, wherever located, in which Seller has a security interest: Lot 1 – Inventory consisting of Finished Goods, Components and Cores. The Finished Goods include Air Conditioning Compressors and other A/C Parts, Carburetors, Alternators, Starters, CV Drive Axles and other remanufactured automotive products. The Components include small parts used in the remanufacturing process of the Finished Goods. The Cores include the basic core units and components used in the production of the Finished Goods. Lot 2 –Equipment, machinery and furnishings used in the remanufacturing of A/C compressors, carburetors, alternators, starters, CV drive axles and other products. Lot 3 - Intellectual Property including the company name, web domain, engineering data, designs, records and other company property, (collectively, the “Assets”).
Terms and Conditions of Sale. The Assets will be sold in three separate lots as set forth above to the respective bidder with the highest or otherwise best bid for each lot, for cash except as otherwise provided herein, “AS IS, WHERE IS” with all faults and without any express or implied representations or warranties whatsoever, including, without limitation, warranties of merchantability, quiet enjoyment or fitness for a particular purpose or as to the title, value or quality of the Assets. Seller reserves the right, on or prior to the Date of Sale, to modify, waive or amend any terms or conditions of the sale or impose any other terms or conditions on the sale and, if Seller deems appropriate, to reject any bids or to continue the sale without prior notice. Seller reserves the right to credit bid for the Assets at the sale. The successful bidder will be required to pay the purchase price in cash, wire transfer or by certified check on the Date of Sale. Requests for inspection of the Assets should be directed to Joe Wingate, Great American Group, LLC, c/o Champion Parts-Hope AR, 2005 W. Avenue B, Hope, AR 71801, (870) 777-8821, ext. 126 or (714) 381-0862 (cell). All other inquiries should directed to Ryan O. Lawlor, Esq., Vedder Price P.C., 222 North LaSalle Street, Suite 2600, Chicago, Illinois 60601 1003, (312) 609-7500, (312) 609 5005 (fax).
Full Details
If you would like immediate updates, make sure you subscribe to our RSS feed!
