Huffy Corporation has filed a motion seeking approval from the Bankruptcy Court to sell certain intangible assets including trademarks and patents used in its snowboard business under the brand names of LAMAR(R) and LTD(R).
Huffy has entered into an agreement for the sale of the intangible assets highlighted above in the amount of $2,500,000. The Company will solicit higher or better offers for these assets. Competing bids must be submitted by no later than December 8, 2004 with a sale auction to be held on December 10, 2004 at the offices of Dinsmore & Shohl in Cincinnati, Ohio. A hearing to approve the sales will be held on December 14, 2004 at the United States Bankruptcy Court for the Southern District of Ohio, Western Division located in Dayton, Ohio.
Previously, the Company filed a motion seeking approval to sell intangible assets including trademarks and patents used in its hockey business under the brand name of Hespeler(R) and its in-line skates and action businesses under the brand names of Rage(R), Dukes(R), Skate Attack(R), and Ultra Wheels(R) for $1,615,000. The Company will also be soliciting higher or better offers for these assets concurrent with the above-described process.
Additional information on the assets being sold, form of contracts and bidding procedures can be obtained by contacting Christopher Hooper at Lazard Freres & Co., 30 Rockefeller Plaza, 61st Floor, New York, NY 10020, (212) 632-6951 (phone) or (212) 332-1748 (fax).
The Company and all of its United States and Canadian subsidiaries filed voluntary petitions for protection under Chapter 11 Reorganization of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Ohio on October 20, 2004.
