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Varnum Represents Automotive Supplier in Complex Acquisition

December 20, 2022

Angstrom Automotive Group recently closed on the turn-key acquisition of two manufacturing facilities purchased in the Chapter 11 bankruptcy cases of distressed supplier Gissing North America LLC, et. al. Angstrom, a leading Tier 1 full-service supplier for automotive and industrial original equipment manufacturers (OEMs), was the winning bidder for the primary assets of Gissing located in Auburn, Maine, and Sidney, Ohio. Varnum represented Angstrom in all aspects of the deal, which closed on November 18.

With Gissing out of funds and its key stakeholders opposed to any extensions, an extremely quick closing was required. Varnum’s team, led by Restructuring Group Chair Brendan Best and including real estate partner Ed Gusky and corporate associate Alex Monahan, jumped into action for Southfield-based Angstrom in the highly-expedited negotiation of the asset purchase agreement. The Varnum team handled all aspects of the bankruptcy court and transactional process, concurrently arranging for the purchase of real estate in Maine while negotiating agreements and resolving objections with many of Gissing’s suppliers and customers with the major OEM customers.  The entire process from engagement to closing was completed in just over two weeks.

“We are extremely satisfied with the representation from the Varnum team. Their experience and knowledge of the process was critical,” said Nagesh Palakurthi, President & CEO of Angstrom.  “There were numerous obstacles to overcome in an incredibly short time period and they worked 24/7 to make this deal happen.”

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