Vanderbilt Minerals’ $64 Million Bankruptcy Sale Approved (1)

Vanderbilt Minerals LLC, a bankrupt miner of materials used in industrial products, won approval to sell its assets to a Chicago-based private equity firm for $64 million over the objection of asbestos exposure lawsuit plaintiffs.

Vanderbilt’s Chapter 11 sale of its mining and production operations to an affiliate of Riverspan Partners is the product of an auction conducted in good faith and is in the best interests of the estate, Judge Wendy A. Kinsella of the US Bankruptcy Court for the Northern District of New York ruled at a hearing Thursday.

“The sale is the best option to maximize value,” ...