Ameripol Synpol looks to sell off its assets at auction

WILMINGTON, Del. (June 20) — Emulsion SBR producer Ameripol Synpol Corp. will seek the permission of the U.S. Bankruptcy Court in Wilmington at a hearing June 23 to auction off its assets as soon as possible. ISP Synthetic Elastomers L.P., a unit of Wayne, N.J.-based specialty chemicals and minerals producer International Specialty Products Inc., has agreed to purchase, "subject to the satisfaction of certain conditions," Ameripol Synpol's Port Neches, Texas, plant for an as-yet undisclosed price, according to Ameripol Synpol's June 19 filing with the Wilmington court. Since ISP Synthetic Elastomers is the only party that has expressed a "bona fide" interest in the assets, it will be afforded "stalking horse" status. That means it would be eligible for breakup fees and expense reimbursement of up to $900,000 and overbid protection of $1.5 million in case it is outbid at auction, according to the filing. Besides the Port Neches factoryùwhere production is being idledùAmeripol Synpol will seek to sell its mothballed emulsion SBR plant in Odessa, Texas, a 13.3-mile liquid chemical transport pipeline and a deep water shipping dock used for loading and off-loading butadiene and styrene from barges and ships.