Key Supplier of Oil and Gas Production Equipment
Complete Welding & Fabrication Facility to Include:
Substantially all assets (including all chattel paper, documents, software, general intangibles, intellectual property, payment intangibles, instruments, letters of credit and letter of credit rights, supporting obligations, commercial tort claims, investment property, inventory, equipment, fixtures and other goods (as those terms are defined in the Uniform Commercial Code), and all cash and non-cash proceeds thereof (including, without limitation, insurance proceeds) and proceeds of proceeds), but the Collateral being sold at the auction expressly excludes (i) money, (ii) all accounts and corresponding documents and rights and proceeds thereof, and (iii) deposit accounts and proceeds thereof.
In order to qualify for and participate in bidding, interested bidders must register on BidSpotter.com and also post with the Lender a deposit in an amount equal to $100,000 in immediately available funds on or before 5:00 p.m. (Eastern Time) on March 19, 2025, pursuant to wire instructions provided by the Lender in a deposit agreement to be signed by the bidder and the Lender. The Lender shall deposit such deposited funds in a non-interest-bearing account and such deposit shall be released (i) to the bidder within three (3) business days after such sale closes if the bidder is not the winning bidder at the sale, or (ii) to the Lender and applied against such winning bidder’s purchase price if such bidder is the winning bidder in the sale.
The Lender holds a security interest in the collateral described above pursuant to the provisions of the Uniform Commercial Code of the State of Connecticut (the “UCC”) and Crozier Welding’s rights in such collateral being sold will be sold in accordance with the provisions of the UCC.
The public sale will be conducted on an “AS IS, WHERE IS” basis, without representation or warranty of any kind from the Lender as to title, quiet enjoyment, merchantability, fitness for a particular purpose, or any other matter. All qualified bidders as provided above may participate in the auction and shall provide the Lender with financial information and other documents necessary to demonstrate its ability to close the transactions on or before 5:00 p.m. (Eastern Time) on Thursday, March 19, 2025. Closing of the sale will occur on Thursday, March 20, 2025, and payment of the balance of the purchase price will be due and payable to the Lender on such date. The Lender reserves the right to require that the successful bidder(s) pay the entire balance of the purchase price at such closing in cash, cashier’s or bank check or by wire transfer of immediately available funds. In addition, the Lender reserves the right to (i) credit bid in such amount as the Lender may determine in its sole and absolute discretion, (ii) continue or cancel the auction without any further notice to the public, and (iii) declare the second highest bidder, if any, as the backup bidder that may purchase the assets in the case of the failure of the winning bidder to close.
Interested bidders can participate in an onsite inspection that will be held on Thursday, March 13, 2025. To participate, bidders should contact Matthew Hollow, of the auctioneer, Joseph Finn Co., Inc., at 617-964-1886 in advance of the inspection to confirm details.
