BOSTON (Dec. 7, 2009)—Titan International Inc. is offering $44 million at a bankruptcy court hearing today to take over certain GPX International Inc. distribution assets previously bid on by Alliance Tire Co. USA Ltd., trumping Alliance's bid of $38.3 million.
Titan submitted its offer Dec. 2 to the U.S. Bankruptcy Court for the District of Massachusetts in Boston. Industrial and OTR tire maker/distributor GPX filed for Chapter 11 bankruptcy protection Oct. 26.
The assets in question are: worldwide rights to the Galaxy and Primex brands, U.S. and South African operations, customer relationships, warehouse footprint and medium radial truck tire distribution business, including GPX's exclusive deal for the Aeolus tire brand.
Titan's bid consists of $38.7 million in cash and the assumption of $5.3 million in liabilities, according to documents filed with the court.