NEC Holdings gets $134.5 mln bid from Gores Group

July 12 (BestGrowthStock) – Los Angeles-based private-equity firm
The Gores Group has sought bankruptcy court approval to buy NEC
Holdings Corp, a privately held envelope maker, for $134.5
million, subject to higher bids at an auction.

A unit of The Gores Group will be the stalking horse bidder
for NEC’s assets and set the floor at the court-supervised
auction, which will be open for higher and better offers, NEC
said in court papers filed on Friday.

NEC and 27 affiliates filed for bankruptcy protection in
June after three years of rising losses and falling sales.

On June 30, NEC’s rival Cenveo Corp (CVO.N: ) said it offered
to buy the assets for at least $140 million in cash and had
asked U.S. Bankruptcy Judge Peter Walsh to void any agreement
that prevents NEC from seeking competing offers.

Uniondale, New York-based NEC, which claims to be the
largest privately held envelope maker in the United States, is
the parent of National Envelope Corp.

The case is In re: NEC Holdings Corp, U.S. Bankruptcy
Court, District of Delaware, No. 10-11890.
(Reporting by Santosh Nadgir in Bangalore; Editing by
Gopakumar Warrier)

NEC Holdings gets $134.5 mln bid from Gores Group