Bankruptcy tech-company NanoMech is asking a bankruptcy judge for permission to sell a little more than 7 acres back to the Springdale Public Facilities Board.
The move comes as Springdale-based NanoMech, its largest secured creditor and the company's former chief executive reached an accord earlier this month that allows the bankruptcy case to move forward. A judge has yet to approve the proposed settlement between the parties but a hearing on the matter is slated for early April.
In recent documents, NanoMech has asked to sell 7.31 acres at 2447 Technology Way in Springdale back to the board for $54,825. The board is exercising an option to buy back the property at its initial sale price.
The Springdale Public Facilities Board, which sold the land to NanoMech in 2013 had objected to NanoMech's motion to reject the repurchase option in the deed. Bankruptcy Judge John Dorsey ruled in September that NanoMech had the burden of proof to show the provision was burdensome and hadn't presented him with enough evidence to make that determination.
Initially NanoMech had argued it could get more money for the property if it sold it on its own. In the most recent filing, NanoMech said the sale was fair, equitable and in the best interest of the company.
NanoMech filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court for the District of Delaware in April. NanoMech claimed $7.2 million in assets and owed nearly $19 million to its creditors, according to initial bankruptcy filings. The company was founded in 2002.
In late July, the court approved the sale of most of NanoMech's assets free of liens and other legal encumbrances to P&S Holdings for $8 million. The sale closed in early August. P&S is a subsidiary of Houston's Vinmar International Ltd., a global marketing, distribution and project-development company serving the petrochemical industry.
Business on 03/24/2020
Print Headline: NanoMech asks to sell land to city