Cerf Bros. Bag Co, a 94-year-old manufacturer of packs, weapons cases, field & blind bags, travel gear, decoy bags and accessories for hunting and camping, has filed a bankruptcy petition and put its assets up for sale.
Cerf Bros.'s hunting brand, HideAway Hunting Gear, makes a full suite of packs, bags and accessories for bird and game hunting. Its camping line, Camp Inn, makes a line of duffles, compression bags, stuff sacks, dry bags, tarps, ponchos and mosquito nets. The company also makes sporting bags and travel gear under the Browning name under a licensed 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 and unsecured, was $7 million.
According to a court filing, the St. Louis-based company has entered into an asset purchase agreement with CBBC acquisition, an entity unaffiliated with management of Cerf Bros. Bag, to sell its assets for $1.5 million in cash. Acquisition costs will also include all amounts owed to lenders at the time of the closing of the sale 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, it will receive a break up fee of $100,000 for its efforts.
All other bids must be submitted to bankruptcy court by December 2 with the auction set for December 9. More information and a copy of the Bid Procedures are available at:
www.gprestructuring.com
