* Lynn Tilton outbids four others for Hussey
* Money goes to repay creditors Wells, Bank of America
Nov 15 Private equity investor Lynn Tilton
bought Hussey Copper Corp for about $107.8 million through a
bankruptcy auction, a sale adviser said on Tuesday.
Tilton's Patriarch Partners outbid four others in Monday's
nine-hour auction, according to Scott Victor of SSG Capital.
Tilton likes to call herself the "turnaround queen" and
often buys beaten down or bankrupt companies and attempts to
breathe new life into them.
Tilton and Hussey did not immediately return calls for
Leetsdale, Pennsylvania-based Hussey, a maker of copper bus
bar and other copper products, filed for bankruptcy on Sept.
The money from the sale will go to paying back creditors.
Hussey said in court documents it had $38 million in
first-lien debt owed to units of Wells Fargo & Co ,
Bank of America Corp and PNC Financial Services Group
Hussey also owes $2.4 million to second-lien lender
Schneider Electric SA and about $29 million in
unsecured trade debts to various suppliers, according to papers
filed with Delaware's bankruptcy court.
The case is In re Hussey Copper Corp, U.S. Bankruptcy
Court, District of Delaware, No. 11-13010.