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

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