Houston-based petrochemical company Vinmar International looks to buy the assets of Springdale-based nanotechnology company NanoMech for $8 million. Meanwhile, the New York-based lender that sought to purchase the company initially has reduced its purchase agreement to match Vinmar’s offer.
Vinmar is a marketer and distributor of plastics and chemicals and recently made an offer to buy NanoMech’s assets, according to court documents. The agreement was noted in a July 8 filing for an auction in the ongoing bankruptcy case NanoMech filed April 15 in U.S. Bankruptcy Court for the District of Delaware. The auction is set for July 19, and a sale hearing is set for July 23.
Michaelson Capital Partners previously agreed to purchase NanoMech’s assets for $9 million, but has since revised that offer to $8 million. Michaelson initially sued NanoMech for not making payments on nearly $7 million in loans. In the case filed Feb. 4 in the Supreme Court of New York, Justice Andrew Borrok approved a judgment to required NanoMech to pay $8.91 million at an annual rate of 9%.
As the stalking horse bidder, Michaelson Capital would be the successful bidder if no other bids were received. The agreement between NanoMech and Vinmar includes a topping bid of $8.25 million, with bidding to be in increments of $250,000. Michaelson Capital also has a topping bid of $8.25 million and bidding increments of $250,000, court documents show. July 17 is the deadline to submit bids for the assets of NanoMech.