Plastic pallet supplier iGPS Co. LLC has filed for bankruptcy and agreed to sell its assets to a newly-formed joint venture company.
The Orlando, Fla.-based iGPS Co. will be sold to iGPS Logistics LLC, a joint venture formed by private equity firms Balmoral Funds LLC and One Equity Partners, a shareholder of pallet manufacturer Schoeller Arca Systems, and Jeff and Robert Liebesman, according to a June 5 Chapter 11 filing in U.S. Bankruptcy Court in Wilmington, Del.
The sale is subject to higher and better bids and court approval. It should be completed within 30-45 days, according to court filings.
One Equity owns a controlling stake in SAS, and earlier this year merged the company with Linpac Allibert and rebranded it as Schoeller Alibert.
SAS is one of iGPS’ largest creditors, with a claim of more than $5.4 million, according to court filings.
Crystal Financial LLC will provide the company with up to $12 million in debtor-in-possession financing and exit financing, according to court filings.
IGPS rents recyclable, lightweight reinforced-plastic pallets equipped with RFID technology. It says its pallets are the only multi-use pallets to be food equipment certified by NSF International.
The company has between $100 million and $500 million in assets, according to court filings.