by Heritage Global Partners, Reich Brothers, BidItUp and Maynards, Following Chapter 7 Bankruptcy
Bulk and Piecemeal Online Sale of Pocatello, ID Plant Scheduled for October 23
September 26, 2013 01:00 PM Eastern Daylight Time
SAN DIEGO & POCATELLO, Idaho – (BUSINESS WIRE) – Heritage Global Partners (“HGP”), a global leader in asset advisory and auction services, in partnership with Reich Bros., BidItUp and Maynards, today announced that they have been retained by Trustee Gary L. Rainsdon, Subject to U.S. Bankruptcy Court Approval, to oversee a Chapter 7 (BK Case #4:13-bk-40838) bulk and piecemeal online sale of the Hoku Materials polysilicon plant in Pocatello, ID. The sale is slated for October 23rd, following an October 21-22 public preview.
The cutting-edge manufacturing facility was originally constructed at a cost of $700 million to produce polysilicon for photovoltaic modules used in the solar power industry. The never-used factory features a power substation capable of providing 100 megawatts of power, so the plant could also be utilized for refining high purity copper or manufacturing titanium, among other potential uses.
Hoku Materials Sale – bulk and piecemeal online sale led by HGP, Reich Brothers, BidItUp and Maynards
Date: October 23, 2013 (begins 9 am MT)
Public Preview: October 21-22 (9 am – 4 pm MT both days) open to prospective bidders
Plant Address: 1 Hoku Way, Pocatello, ID 83204
Led by auction industry pioneers Ross and Kirk Dove, Heritage Global Partners is one of the leading worldwide asset advisory and auction services firms, assisting companies with buying and selling assets. HGP specializes in asset brokerage, inspection, and valuations, industrial equipment and real estate auctions, and much more. HGP is a subsidiary of Heritage Global Inc.
“The plant is ideal for an opportunistic bulk buyer and suitable for a host of industries, especially with an on-site 100 megawatt power substation. We are sincerely hopeful that this plant can be sold in bulk, hopefully saving lots of jobs for Pocatello and its surrounding communities. If for some reason a bulk buyer does not step up, we are fully prepared to sell the facility on a piecemeal component basis on October 23.” —David Barkoff, Director of Sales at Heritage Global Partners.
Click To XContact
- David Barkoff
- 650/649-0147
- dbarkoff@hgpauction.com
- Robert Rinderman, JCIR
- InvestorRelations@HGinc.com