Compton, CA - Steel Horse Automotive Accessories, Inc. announced today that the company has completed the sale of its Nifty Products, Inc. subsidiary to Lund International Holdings, Inc., for approximately $7.3 million in cash. The U.S. Bankruptcy Court for the Central District of California in Los Angeles approved the sale of Nifty on November 14, 2002. . This transaction is an important milestone in the restructuring of Steel Horse under Chapter 11, said Mark Barbeau, interim chief executive officer of Steel Horse Automotive. Nifty is a good fit for Lund, and I am confident that Nifty will continue to thrive in the future. Steel Horse Automotive and its affiliates filed voluntary petitions for reorganization under Chapter 11 of the Bankruptcy Code on September 6, 2002, in the U.S. Bankruptcy Court for the Central District of California in Los Angeles. Murphy Noell Capital, LLC represented Steel Horse Automotive in the Nifty sale transaction. Murphy Noell is a boutique investment banking firm based in Westlake Village, California. |
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