Bostwick-Braun, which had submitted a $10 million bid for Moore-Handley, upped its bid during the hearing but could not keep up with House-Hasson
House-Hasson Hardware, the Knoxville, Tenn.-based hardware distributor, successfully outbid one of its rivals in an Alabama courtroom last night and secured the remaining assets of Moore-Handley, according to an article in The Birmingham News. A U.S. Bankruptcy Court judge chose House Hasson at 8:30 p.m., after a dramatic 12-hour hearing, because the company’s $14.5 million offer would best satisfy the Pelham, Ala.-based distributor’s largest creditors.
Bostwick-Braun, which had submitted a $10 million bid for Moore-Handley, upped its bid during the hearing but could not keep up with House-Hasson, the newspaper reported. House-Hasson said it plans to keep a skeleton crew at the Pelham warehouse….
…Founded in 1882, Moore-Handley filed a voluntary Chapter 11 petition on July 17, 2009, listing $18.8 million in secured debts.
House-Hasson, a member of Distribution America, serves more than 1,000 independent hardware store owners in 13 eastern states.
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