All American Semiconductor Conducts Auction Resulting in Successful Bidders to Acquire Substantially All of its Assets as a Going Concern Business
Published June 4th, 2007
All American Semiconductor, Inc. (Pink Sheets: SEMI.PK), a distributor of semiconductors and other electronic components, announced today the successful auction of substantially all of its assets.
The successful bid was made by a two-party consortium of Rock River Capital LLC and the Company’s senior secured lenders for which Harris N.A. acts as agent. Subject to Bankruptcy Court approval, Rock River Capital was the successful bidder for substantially all of the Company’s operating assets and is expected to continue to operate as a going concern business utilizing the acquired assets of All American and All American’s 42 years of experience and service to the industry. Rock River did not purchase the Company’s commercial tort claims, avoidance actions, accounts receivable and certain other miscellaneous assets. Subject to Bankruptcy Court approval, the Company’s senior secured lenders were the successful bidders for the Company’s accounts receivable. None of the Company’s commercial tort claims or avoidance actions was sold. The aggregate purchase price from the auction is $15.2 million, which will be paid to Harris N.A. as agent for the senior secured lenders. The auction included assets of All American’s 33 subsidiaries in the United States, Canada, Mexico, Europe and Asia.
The auction was conducted on May 31, 2007 at the Miami offices of the Company’s counsel, Squire, Sanders & Dempsey, L.L.P. Bankruptcy Court approval of the sale to the successful bidders is scheduled for hearing on June 5, 2007. The closing of the sale is set to occur no later than June 8, 2007.
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