EIT Bankruptcy Hearing Opens to All Bidders
The bankruptcy sale of Endicott Interconnect will now be an open bidding process after the company that submitted the initial offer bowed out of sole contention to make one of Broome County, N.Y.'s largest employers solvent, WBNG (Binghamton, N.Y.) reported today. Attorneys for Integrian Holdings which is owned by a minority shareholder of EIT told a federal judge yesterday that it will withdraw its position as a stalking-horse bidder. Attorneys also said that Integrian generated a lot of "heat" for those actions, although they did not explain further. The bidding process will now reopen, and a final decision could be handed down by late September. The bid deadline is set for Sept. 19, and the auction is scheduled for Sept. 24. There will be a sale hearing scheduled for 1 p.m. Sept. 26 at the federal courthouse.