Single Buyer Targeting Indiana LimestonePosted: Updated:
One potential buyer has emerged in the pursuit of an iconic Hoosier business. The Herald-Times in Bloomington reports a federal bankruptcy auction was canceled Monday after only one bidder, Indiana Commercial Finance LLC, offered to acquire Oolitic-based Indiana Limestone Co. The newspaper reports the $26 million offer involves forgiving debt instead of paying cash.
A hearing is set for Wednesday to approve the asset sale.
The company filed for Chapter 11 protection in February with the U.S. Bankruptcy Court for the District of Delaware.
In a notice to the state from February, the company stated plans to lay off all of its 160 workers by the middle of next month.
Sources: Herald-Times, Inside INdiana Business