A bankruptcy court in Cincinnati approved the sale of Milacrons assets to a group of existing investors for an estimated $175 million on Friday, with completion of the sale expected in July. The company has been in Chapter 11 bankruptcy since March.
On May 3, Milacron signed a definitive agreement to sell substantially all of its assets to an investors group consisting of Avenue Capital Group, DDJ Capital Management LLC and certain other entities that together hold about 93 percent of Milacrons secured notes. The agreement was originally announced March 10, the same day Milacron filed for Chapter 11 bankruptcy protection in Cincinnati. A more definitive, binding agreement was announced May 5.