US bankrupt PET recycler Carbonlite which operates recycling plants in Pennsylvania, California and Texas received a “stalking horse” bid from raw material manufacturer DAK Americas in the amount of US$96 million for its plant in Reading, Pennsylvania, according to the United States Bankruptcy Court for the District of Delaware.
The PET recycler Carbonlite filed for Chapter 11 of the Bankruptcy Code in March. Stalking horse bids set the floor price in auctions on assets of bankrupt companies to determine the low-end of biddings.
The sale at auction shall be closed this month and is scheduled for May 17, 2021. A week later the court is going to decide on the final winning bid in a sale hearing.