Bankrupt Jack Cooper Nabs $420 Million Initial Bid for Auction

Bankrupt Jack Cooper Holdings Corp., a transporter of new cars to dealerships, will sell its assets in a proposed auction next month with a $420 million starting bid.

Solus Alternative Asset Management LLC, which was a pre-bankruptcy secured lender and also made a post-bankruptcy loan to Jack Cooper, submitted the stalking horse bid through a subsidiary.

Solus is using about $321 million of the debt it’s owed in its total bid, Jack Cooper’s lawyer said in a Sept. 3 court hearing in Georgia. The rest of the bid will be in cash and debt assumptions.

Four or five others have ...