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On Jan. 7, U.S. Bankruptcy Court for the Southern District of Ohio approved procedures governing Buckeye Steel Castings Co.'s sale of substantially all its assets. The 121-year-old steelmaker filed for Chapter 11 reorganization Dec. 20.
Buckeye Steel plans to receive bids from qualified bidders by Feb. 7; if the company receives more than one qualified bid, Dinsmore & Shohl L.L.P. will conduct an auction Feb. 11 at its Columbus, Ohio, office.
On Feb. 14, the federal bankruptcy court will hold a hearing to consider "the highest and best bid or bids," according to a prepared statement.
If the court approves a bidder or bidders, Buckeye Steel expects to close the transaction no later than Feb. 18.
Buckeye Steel produces cast-iron undercarriages and couplings for rail cars, and steel parts for heavy-construction equipment.