Big Island Carbon LLC hopes to find a buyer for its carbon conversion facility located in Hawaii with help from Tiger Remarketing Services and Aaron Equipment Co. Judge Brendan Linehan Shannon of the U.S. Bankruptcy Court for the District of Delaware in Wilmington on Feb. 27 approved auction procedures and an agency and sale agreement between Chapter 7 trustee Charles A. Stanziale Jr. of McCarter & English LLP and the sales agents.
A going concern sale of the entire business is the goal, but if that does not happen within a certain time frame, then equipment and machinery, worth $30 million at installed cost, will be auctioned off on a piecemeal basis, according to Stanziale.
“Since the filing, the trustee has been working night and day to locate a turnkey buyer,” counsel for the trustee Jeffrey T. Testa of McCarter & English said. Testa noted that the location, the energy sector, and the need for some additional capital were factors that made finding an ultimate buyer challenging.