Active Boarder Corp. is scheduled to close its $3.25 million purchase of substantially all of the assets of Altrec Inc. this week following a bankruptcy judge’s approval of the sale.
On Feb. 28, Judge Randall Dunn of the U.S. Bankruptcy Court of the District of Oregon approved Active Boarder’s purchase of the assets free and clear of all liens, claims, encumbrances and interests. Altrec creditors will divide any net proceeds of the purchase price i.e.; sums left over after Altrec’s estate pays closing costs, legal fees and about $600,000 borrowed during bankruptcy to keep the company operating. If Active Boarder does not close the sale by March 7, creditors could opt to shutter Altrec.
Court documents show that Altrec generated negative EBIDTA of $316,877 on net sales of $345,610 from Jan. 7 to Jan. 31 at a gross margin of less than 2 percent. After including legal fees of $256,296 and interest expenses of $131,419 it reported a net loss of $786,865. The company was able to increase its cash reserves by 127 percent to $644,883, but ended the period with total liabilities of $12.1 million, including $10.9 million in accounts receivable. Its largest trade creditors include Columbia Sportswear, Keen Inc., Icebreaker Nature Clothing, Amer Sports, Patagonia and The North Face.
Active Boarder Corp. President Steve Poindexter and Owner Jon Magnusson have so far declined discuss their plans for Altrec’s assets with Outdoor Business UPDATE. Magnusson formed Active Boarders in 2009 to acquire the assets of another bankrupt online retailer, which now operates as TruSnow.com. Magnusson also owns Active Sports Inc, which owns The House and The-House.com, one of the country’s largest online snowboard dealers. Poindexter also serves as president for Active Sports, which shares offices with Active Boarder and The House in St. Paul, MN.
