Thursday, November 26, 2015

Shapes taps NatCity for auction

Shapes/Arch hires Scott Victor and NatCity, for June 25 auction. Creditors face 10c payback. Versa, HIG, Sun Capital may bid.

Shapes taps NatCity for auction


  Shapes/Arch Holdings LLC, Pennsauken, has hired J. Scott Victor of NatCity Investments Inc., West Conshohocken, as sales consultant to oversee the auction of the company. Bid deadline is June 25.
  Shapes, an aluminum parts maker for homes and vehicles, employs more than 1,000 workers in Pennsauken and Bensalem. The company filed for Chapter 11 bankruptcy protection in March, citing lower sales and higher import costs.
   A plan filed May 12 would pay unsecured creditors 10 to 14 percent of the $38 million Shapes owes. Those creditors include Alcan, RUSAL America Corp., PSE&G, Glencore Ltd., Coil Plus PA Inc., Perfect Trade Development Co./Kotech Industry and Co., Acme Corrugaged Box Co., and Colorworks Graphics Services Inc.
  Versa Capital Management Inc. of Philadelphia, HIG Capital of Miami and Sun Capital Partners of Boca Raton have expressed interest in buying Shapes.
  NatCity is the distressed-company specialist run by Mark Chesen and formerly known as the Berwind family business group's Special Situations Group (SSG). - Joseph N. DiStefano

We encourage respectful comments but reserve the right to delete anything that doesn't contribute to an engaging dialogue.
Help us moderate this thread by flagging comments that violate our guidelines.

Comment policy: comments are intended to be civil, friendly conversations. Please treat other participants with respect and in a way that you would want to be treated. You are responsible for what you say. And please, stay on topic. If you see an objectionable post, please report it to us using the "Report Abuse" option.

Please note that comments are monitored by staff. We reserve the right at all times to remove any information or materials that are unlawful, threatening, abusive, libelous, defamatory, obscene, vulgar, pornographic, profane, indecent or otherwise objectionable. Personal attacks, especially on other participants, are not permitted. We reserve the right to permanently block any user who violates these terms and conditions.

Additionally comments that are long, have multiple paragraph breaks, include code, or include hyperlinks may not be posted.

Read 0 comments
comments powered by Disqus
About this blog

Joseph DiStefano
Also on
letter icon Newsletter