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Judge OKs $78M sale of Gainey Corp.
Minnesota investment firm is the buyer
Updated: Tuesday, 17 Nov 2009, 3:10 PM EST
Published : Tuesday, 17 Nov 2009, 3:10 PM EST
GRAND RAPIDS, Mich. (WOOD) - A federal bankruptcy judge on Tuesday approved the sale of West Michigan trucking firm Gainey Corporation to a Minnesota-based investment firm for $77.8 million.
Wayzata Capital had the highest bid in the sale process for Gainey Corp. and some related companies. Najafi Companies, an Arizona firm that had been working with Gainey Corp. since the summer, submitted a lower bid at $68 million.
Under the terms of the approved sale, Wayzata would buy the trucking firm as soon as is reasonable, but before the end of the year.
Gainey Corp. had filed for Chapter 11 bankruptcy protection last year after a group of lenders led by Wachovia Bank took the company to court, alleging they were owed more than $200 million.
24 Hour News 8 is working to learn more about the roles of company founder Harvey Gainey Sr. and COO Carl Oosterhouse under the new ownership -- and how employees would be affected.
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