DETROIT, May 4 /PRNewswire/ — ASC Incorporated announced that Hancock Park Associates, a private-equity firm based in Los Angeles, has signed a definitive purchase agreement for the automotive “open air” roof-systems unit and the automotive design-services unit of ASC from its owner, American Specialty Cars Holdings LLC. Terms of the transaction were not disclosed.
As a condition of the asset-purchase agreement, the sale of the two ASC units is to be conducted under the provisions of Chapter 11, Section 363, of the U.S. Bankruptcy Code. Accordingly, ASC has filed a voluntary petition for reorganization under Chapter 11 with the U.S. Bankruptcy Court for the Eastern District of Michigan.
American Specialty Cars Holdings believes that a sale in this fashion will ensure an orderly, strategic sale of ASC’s viable open-air and design units and the liquidation and dissolution of ASC’s other, non-productive assets.
As part of the filing, ASC has arranged for debtor-in-possession (DIP) financing from Comerica Bank, which will be used by ASC to fund normal business operations. The company said the steps it is taking will help ensure continuity of supply to its customers, and that it has planned appropriately for these actions and is operating as normal.
About ASC
ASC Incorporated is a supplier of highly engineered roof systems and of design services for the world’s automakers. The company was founded in 1965 and is headquartered in Southgate, Mich. More information can be obtained at http://www.ascglobal.com.
About Hancock Park Associates
Hancock Park Associates is a private equity investment firm founded in 1986 which focuses on small to mid-size businesses in the retail and manufacturing industries and is the principal shareholder in Irvine, California-based Saleen Inc. More information can be obtained at http://www.hpcap.com.
SOURCE: ASC Incorporated