Mercer Offers $26 Million Opening Bid for Bankrupt Klausner
August 14, 2020
DELAWARE (From news reports) -- Mercer International has offered a $26 million stalking horse bid for bankrupt lumber producer Klausner Lumber One LLC's assets up for sale in an upcoming bankruptcy auction.
Mercer, a Canadian operator of pulp mills producing tissues and other paper products, will receive a break-up fee of $520,000 and reimbursement of its expenses up to $260,000 if another bidder wins the auction.
Other qualified bids must be at least $220,000 greater than Mercer's stalking horse bid, plus the fees to be paid to Mercer, according to the U.S. Bankruptcy Court for the District of Delaware.
