<%@LANGUAGE="VBSCRIPT"%> ROCKCRAWLER.com - Berryman Products Purchases Steel Horse
Steel Horse
Berryman Products Purchases Steel Horse

Compton, CA - Steel Horse Automotive announced today that the company has sold its remaining operating divisions, Mid America Automotive Products and Steel Horse Automotive, which includes the operating assets of recently acquired Fibernetics Molded Products, to Berryman Products Inc. for $5.65 million with no contingencies. The transaction was approved today by the U.S. Bankruptcy Court for the Central District of California in Los Angeles, a significant step in the company's emergence from Chapter 11. The sale is expected to be finalized on or before December 27, 2002.

The Steel Horse sale was conducted via private auction at the Los Angeles offices of the company's law firm, Riordan & McKinzie. The auction, held Wednesday, December 18, featured competitive bidding by several qualified buyers.

"Our intention has been to get this company out of Chapter 11 as quickly as possible, and this sale accomplishes that goal," says Mark Barbeau, interim chief executive officer of Steel Horse Automotive. "Steel Horse has built a reputation for quality products, and we know the companies will be in good hands with Berryman. As we look forward to the completion of the Chapter 11 process, we would like to thank our customers, our suppliers, and our employees for all of their support throughout the process."

"We are thrilled that the court has approved the purchase of the Steel Horse companies and we look forward to continuing our tradition of being a superior supplier to the automotive aftermarket," says Maurice Blankenship, president of Berryman Products Inc. "The product lines included in this acquisition will expand our offerings which we believe will bring significant value to our customers."

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.

The investment banking firm of Murphy Noell Capital, LLC, which was retained by Steel Horse Automotive to advise the company on its strategic alternatives while operating in Chapter 11, handled the sale for the company. Murphy Noell also represented the company in the sale of Nifty Products in November 2002.

 

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