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6. The Reorganized Debtors filed and served a notice <br />indicating that March 3, 1993 was the Effective Date of the Plan. <br />PROPERTY TO BE SOLD <br />7. The Reorganized Debtors propose to sell all of the <br />property, plant and equipment ("PPE") of the Albuquerque and <br />Denver Metals Companies to DJJ. The Reorganized Debtors will <br />also sell inventory on hand to DJJ at the fair market price to be <br />determined at closing of the sale. The Reorganized Debtors may <br />also sell accounts receivable to DJJ at a fair market price to be <br />determined at closing. All property to be sold to DJJ will <br />hereinafter by referred to as the "Purchased Assets." <br />TERMS AND CONDITIONS OF THE SALE <br />8. The terms and conditions of the sale to DJJ are <br />set forth in the letter of intent dated February 25, 1993, among <br />DJJ, AMC and DMC (the "Letter of Intent") a copy of which is <br />attached hereto as Exhibit 1. Some of the important terms and <br />conditions of the Letter of Intent include the following: <br />a. The total. purchase price for the PPE is <br />$2,800,000. Purchase price for inventory will be <br />~ Under the Plan, inventory and receivables of <br />Albuquerque and Denver Metals Companies were sold to CF&I Steel, <br />L.P. The Reorganized Debtors believed that they could sell the <br />Albuquerque and Denver Metals Companies as a going concern and <br />repurchased the inventory and receivables from CF&I Steel, L. P. <br />at closing. Thus, inventory and receivables of these companies <br />are currently owned by the Reorganized Debtors. <br />3 <br />