International Dredging Review

International Dredging Review

Steel Processors Inc. was the high bidder on all assets of Mobile Pulley & Machine Works at a court-approved auction on January 13.

The auction was held at Mobile Pulley’s offices in Mobile Alabama.

Steel Processors’ bid was $2.4 million for all 11 bid lots in the sale. Other companies bidding on Mobile Pulley’s assets were Baltimore Dredges LLC GIW Industries IPC Industries Machinery Acquisitions International Inc. Metso Minerals PNC Financial Corp. Royal Street Junk Company and TIMRO.

Steel Processors was the only company to bid on the total assets of Mobile Pulley. Other bidders were seeking only specific portions of the assets.

The sale is subject to the approval of the bankruptcy court in a hearing scheduled for Thursday January 16.