Asahi was selected, through a competitive bidding process, as the successful bidder for substantially all of the assets of Republic Metals Corporation…
Big news for Big Bullion.
LONDON, Feb 1 (Reuters) – Precious metals refiner Asahi has won an auction for the assets of bankrupt Miami-based refiner Republic Metals Corporation (RMC), outbidding its Swiss rival Valcambi, three sources familiar with the matter said on Friday.
RMC was one North America’s largest precious metals refineries before it filed for bankruptcy in November.
Asahi won the auction in a New York bankruptcy court on Thursday with a bid of $25.5 million, one of the sources said.
From the Asahi Holdings public notice:
This is to notify that Asahi Holdings, Inc. (hereinafter the “Company”) was selected, through a competitive bidding process, as the successful bidder for substantially all of the assets of Republic Metals Corporation and its subsidiaries, including Republic Carbon Company, LLC, which are going through a reorganization process under chapter 11 of the United States Bankruptcy Code. This transaction is subject to approval from United States Bankruptcy Court and satisfaction of closing conditions under an Asset Purchase Agreement.