Cerf Bros Bag Co, a 94 year old camping goods manufacturer and distributor based in St Louis, Mo., has filed a bankruptcy petition and put its assets up for sale. The company makes duffles, cargo & storage bags, backpacks, travel gear and accessories for use in camping, hunting, fishing and other outdoor activities bearing the proprietary labels, Camp Inn and HideAway. It also makes similar goods under private labels and the Browning label under an existing license agreement.
The bankruptcy filing was made in U.S. Bankruptcy Court in the Eastern District of Missouri on October 29. According to the filing, total debt, including both secured an unsecured, was $7 million.
More information and a copy of the Bid Procedures are available at www.gprestructuring.com.
The company has entered into an asset purchase agreement with CBBC acquisition, an entity unaffiliated with management of Cerf Bros. Bag, to sell to the assets for cash in aggregate amount equal to the sum of $1.5 million. Acquisition costs will also include all amounts loaned to the lender at the time of the closing of the sale and and legal fees not to exceed $50,000.
CBBC will become the stalking horse bidder in order to establish a ground floor for a bankruptcy auction of the company assets. If CBBC's bid is topped in the bankruptcy auction, CBBC will receive a break up free of $100,000 for its efforts. All bids must be in by December 2 with the bankruptcy auction set for Dec. 9.
