Soo Plastics Inc.'s sale may take a little longer than officials first expected.
An auction for the injection molder, operating in Chapter 11 bankruptcy protection since Sept. 13, was set for Dec. 9, with a hearing on the outcome scheduled for Dec. 10 in U.S. Bankruptcy Court in Detroit. Those actions now have been delayed for at least a few days, although officials involved in the sale said it will take place soon.
The automotive supplier based in Sault Ste. Marie listed $15 million to $17 million in assets and $16 million to $18 million in debts when it filed Chapter 11.
The company has continued to operate, with its biggest customer, General Motors Corp., providing debtor-in-possession financing.
Soo has had interested bidders, according to sale insiders, but it has not finalized the language on a letter of intent to purchase the assets.