Dlubak Corp. Files Chapter 11; Goes Up for Sale
Dlubak Corp., a supplier of security glass, and architectural flat and bent glass laminates, filed for Chapter 11 bankruptcy on Aug. 7. Attorneys for the company submitted the voluntary filing with the Pennsylvania Western Bankruptcy Court, listing more than 220 creditors in the initial filing. The company listed its assets and estimated liabilities as between $1 million and $10 million, according to court documents.
As stated in the court documents, Dlubak has determined that the "only option for keeping the company as a going concern and saving the jobs of the majority of the company's employees is through the sale of [its] assets to a strategic buyer." Grey Mountain Partners, parent company of Consolidated Glass Holdings, has emerged as the "stalking horse bidder" for the Dlubak assets, for which it has proposed paying $2 million.
On September 3, the court will entertain higher or better offers for the subject property, or objections (if any) to the contemplated sale.