NTR Metals purchases substantially all assets of Mulligan Mint

Client(s) NTR Metals, LLC

Jones Day represented NTR Metals, LLC in connection with its acquisition of substantially all the assets of Mulligan Mint, Inc., a U.S. chapter 11 debtor whose bankruptcy proceeding was filed in Dallas. NTR commenced its efforts to acquire the assets by first objecting to a motion by the ch. 11 trustee seeking authority to sell certain limited assets of Mulligan Mint. NTR contended that the trustee should instead sell the business as a going concern. In connection with its objection, NTR offered to submit a stalking horse bid for substantially all the assets and provide DIP financing to enable the business to continue operating during the pendency of the sale process. The bankruptcy court denied the trustee's limited sale motion and later authorized the trustee to enter into a stalking horse purchase agreement with a subsidiary of NTR. At the same time, the bankruptcy court approved the DIP financing offered by NTR and also approved a set of bidding procedures for the assets prepared by NTR. Although other bids were ultimately submitted for the assets, which bids, taken together, were higher than the NTR bid, the bankruptcy court approved the sale of the assets to NTR. In doing so, the court adopted NTR's argument that the other bids should be rejected because of the bidders' failure to comply with the bidding procedures approved by the court.

Shortly following the court's approval of the sale, NTR successfully concluded the acquisition. With our assistance, NTR was able to purchase substantially all the assets of Mulligan Mint despite the existence of higher bids and despite the opposition of the unsecured creditors' committee and significant creditors of Mulligan Mint. Jones Day advised NTR with respect to all aspects of the bankruptcy case, and also advised NTR with respect to the DIP financing and the M&A transaction.