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Court approves sale of Milacron to investment group

Article-Court approves sale of Milacron to investment group

Last week during NPE2009—on June 26, 2009 to be precise—Milacron Inc. said the U.S. Bankruptcy Court handling the company’s Chapter 11 proceedings had approved the sale of substantially all Milacron assets to a group of investors headed up by Avenue Capital Group and DDJ Capital Management. This is in line with the previous agreement between Milacron and the investors.

Milacron CEO Dave Lawrence said there had been considerable interest in the company, but the existing investor group’s offer was the highest. "These are investors who understand our company, our customers, and the markets that have long relied on Milacron’s products and services,” he said, adding that the group’s sustained confidence in the company is enabling a quick completion of the bankruptcy process.

Lawrence expressed confidence that the reorganized company will be much healthier, and that the new ownership will support advancing technologies, development of new strategic partnerships, and expansion of services to customers around the world.

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