The remaining assets of Pure Metal Recycling LLC are headed to auction including all assets at two locations.
Industrial Assets Corp., headquartered in Studio City, California, and Maynards Inc. in Southfield, Michigan were the stalking horse bidder which placed the $9 million offer on the remaining physical assets of the defunct Chicago recycler.
The two companies became the successful bidder for the Pure Metal assets this month after a sale was conducted as an assignment for the benefit of creditors. Steven Mattes, chief executive officer of Industrial Assets Corp. said he was attracted to the diversity and large volume of assets.
The preview will be held on April 11 and 12 with the actual 3 day auction conducted from April 13 through April 15 due to the sheer volume of equipment to be sold. Buyers can attend the sale or make offers electronically as the auction will be webcast.
Assets from the Joliet, Illinois and South Bend, Indiana sites will be sold on April 13. The Blue Island Illinois assets will be sold on April 14 and the week will conclude with the Chicago and Elgin, Illinois locations’ assets sold on April 15.
There is an opportunity for parties to purchase all the assets at the Joliet and Blue Island facilities because the property landlord would like to find a new tenant.
The auctioneer’s site indicates the sale includes over 5,000 lots. Items include 45 excavators with various attachments such as shears and grapples, nearly 400 trucks and trailers, dozens of forklifts, metal slitters, metal processing equipment, over 5,000 containers, drive on scales and various types of balers.
More details can be found here.
Published in the April 2016 Edition of American Recycler News
