Single Buyer Targeting Indiana Limestone
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowOne 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