SEPTEMBER 3, 2015 — The U.S. Bankruptcy Court for the District of Delware has given the go ahead for the sale of the assets of shipbuilder Signal International.
Signal International filed for Chapter 11 bankruptcy July 12 after reaching a $20 million settlement to resolve what the Southern Poverty Law Center (SPLC) called "numerous labor trafficking lawsuits" brought by Indian guest workers.
The Teachers' Retirement System of Alabama and the Employees' Retirement System of Alabama will be the "stalking horse bidder" in the bankruptcy auction.
In the event that the assets are sold by the debtors to any other party than the stalking horse bidder, the stalking horse bidder will be paid a $1 million break up fee from the cash proportion of the prevailing bid.
If a qualified bidder other than the stalking horse bidder emerges prior to the bid deadline of October 13, the auction will be held October 14. The final hearing to approve the sale of the assets to the prevailing purchaser will be held November 24.