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 yesterday 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.