Bankrupt True Value Gets Court Approval for Asset Sale to Rival

US bankruptcy judge Karen B. Owens said she’d approve Chicago-based wholesaler True Value Co.’s proposed asset sale to to rival Do it Best Corp.

• The debtor has resolved seven objections against its sale proposal, said Joseph O. Larkin, the company’s attorney at a Tuesday hearing
• Do it Best will pay $153 million in cash and assume up to $45 million administrative expense claims, in addition to other assumed liabilities, according to the amended sale terms
  • As part of the negotiations, pre-petition lenders would receive a minimum $163 million recovery upon closing of the sale
• The US bankruptcy case is ...