Fri Feb 10 2012
Twinsburg -- City officials have learned there are two bidders competing to buy the Chrysler Stamping Plant, though the identity of the second bidder is not yet known.
Community Planning and Development Director Larry Finch said March 8 that he learned a second bid had been submitted before a March 5 deadline to the Capstone Advisory Group, which is handling Chrysler's bankruptcy proceedings, to purchase the property. He said Capstone has not provided details about the latest bid.
Officials from Capstone did not return calls seeking comment by press time.
Finch said he knows the second bidder had to offer at least $750,000 more than the first to be accepted under bankruptcy rules. The first bidder, Twinsburg Industrial Park LLC, offered $27.5 million for the 2-million-square-foot industrial complex Feb. 16, meaning the second company's bid had to be at least $28.25 million.
With more than one bidder interested in the property, an auction will take place March 10 at 10 a.m. at U.S. Bankruptcy Court in New York. The highest bidder will be awarded the Chrysler plant.
Finch said he does not know what either bidder plans to do with the property.
Chrysler announced May 1, 2009, that the Twinsburg plant would be one of eight U.S. Chrysler sites not to be included in the sale to the new Chrysler. The plant is scheduled to close in June.
The plant has been an anchor for jobs and tax revenue for the city of Twinsburg for more than 50 years, making up about 13 percent of Twinsburg's income tax revenue in 2009.
There are currently about 400 employees remaining at the plant.
-- Compiled by Reporter
Emily Canning-Dean
Comments
By Posting to this site, you agree to our Terms of Service Be polite.
Inappropriate posts may be removed.
The-News-Leader.com doesn't necessarily condone the comments here, nor does it review every post.
Login above or Register to comment.
0 Total Comments Home | Back
Copyright Record Publishing Co, LLC. 1995-2010. All Rights Reserved.
Content may not be republished without the expressed written consent of the publisher.
Content may not be republished without the expressed written consent of the publisher.
Dix Communications