client_transactions

SSG Client Transactions

Title

Bridgeport Machines, Inc.-Harig Products Division
Client Profile

Client Profile

The Harig Products Division of Bridgeport Machines, Inc., headquartered in Elgin, Illinois, designs and manufactures a line of manual, automatic and CNC surface grinders.
Situation

Situation

The recession in the manufacturing economy in 2001 and 2002 and the related dramatic deterioration in the demand for capital equipment resulted in a substantial decline in sales of both Harig and its parent company, Bridgeport. As a result, Bridgeport filed for protection under Chapter 11 of the U.S. Bankruptcy Code in February 2002.
Solution

Solution

SSG was retained in March 2002 to sell Bridgeport and Harig together or separately in order to maximize the value to the Bankruptcy Estate. After the purchaser of Bridgeport excluded Harig from its transaction, SSG quickly went to market to sell Harig on a stand-alone basis. A Section 363 auction was held in November 2002. Tru Tech Systems, Inc. was deemed the highest and best bidder. The transaction closed in November 2002.
November 2002
has acquired substantially all
of the assets of the
Under Section 363 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware.
The undersigned acted as Financial Advisor to Goldman Industrial Group on this transaction.

Call to learn more

Call to learn more

If you would like to learn more about this transaction, or any of our transactions, call us today.

Philadelphia
(610) 940-1094

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(212) 786-7432

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