Plastic pallet company Intelligent Global Pooling Systems LLC is selling most of its assets as it reorganizes under bankruptcy protection.
Orlando, Fla.-based iGPS Co. LLC has reached an agreement to sell substantially all of its assets to iGPS Logistics LLC, a joint venture between a private equity and private investment firm and two individuals, according to a news release.
On June 4, iGPS filed a voluntary petition with the U.S. Bankruptcy Court for the District of Delaware for approval of the plan. The sale is subject to higher/better bids and court approval, according to the release.
The plastic pallets have embedded radio frequency identification tags, for traceability. IGPS plans to continue operating its business without disruption during the sale period, according to the release.
The company plans to continue expanding product offerings and customer base without disruption during the sale process, according to the release.
Owners determined the company’s sale was the best option for iGPS’ customers, employees, suppliers and stakeholders, Dick DiStasio, chief executive officer, said in the release.
“We are very excited that iGPS Logistics has made such a significant financial commitment, and has coupled a strong ownership group and management team with a proven depth of strategic and operational experience in the global returnable packaging and pallet pooling business,” DiStasio said in the release. “We are excited to take iGPS into the next chapter of its story.”
IGPS is drawing up to $12 million from Crystal Financial LLC, a private investment arm of JPMorgan Chase & Co., in debtor-in-possession financing to support the company.
Balmoral Funds, One Equity Partners and Jeff and Robert Liebesman constitute the joint venture.