COLUMBUS, Miss. (AP) – Woodflour Corporation of Chicago has made a $2.75 million offer to purchase Sanderson Plumbing, a Columbus company that began manufacturing toilet seats in 1940.
The Commercial Dispatch reports (http://bit.ly/1fBfRjV ) a federal judge in Aberdeen is scheduled to decide on whether to accept the Woodflour bid Tuesday, according to court documents.
Sanderson Plumbing filed for Chapter 11 bankruptcy last October.
If the judge approves the bid, the next step will be an auction, at which other companies can out-bid Woodflour. That’s according to Fred Cross, managing director of Heritage Equity Partners, which is helping facilitate the bid process.
Sanderson Plumbing owes more than $2.8 million in unsecured claims to creditors, according to court documents. The majority of Sanderson Plumbing’s 250 employees were laid off and the company’s shut down production Tuesday.