BOSTON (Dec. 8, 2009)—The U.S. Bankruptcy Court for the District of Massachusetts has accepted a revised bid by Alliance Tire Co. USA Ltd. for the bulk of GPX International Inc.'s global distribution assets in an auction process held Dec. 7 in Boston.
Details of the deal have not yet been released, although Alliance Tire President Manny Cicero said Alliance's final bid was in excess of $50 million. Alliance's original bid was for $38.3 million. Titan International Inc. submitted a bid Dec. 2 valued at $44 million.
The assets being acquired include: 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.
Malden, Mass.-based industrial and OTR tire maker/distributor GPX filed for Chapter 11 bankruptcy protection Oct. 26. Separate deals for GPX's Canadian distribution business and its industrial/OTR tire manufacturing assets were uncontested.
Alliance Tire is the Denville, N.J.-based subsidiary of Israel's Alliance Tire Co. (1992) Ltd., a maker of farm, forestry and OTR tires with plants in Israel and India.