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Lynn Tilton buys Hussey Copper in bankruptcy sale
November 15, 2011 / 6:41 PM / 6 years ago

Lynn Tilton buys Hussey Copper in bankruptcy sale

* Lynn Tilton outbids four others for Hussey

* Money goes to repay creditors Wells, Bank of America

Nov 15 (Reuters) - 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 comment.

Leetsdale, Pennsylvania-based Hussey, a maker of copper bus bar and other copper products, filed for bankruptcy on Sept. 27.

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 Inc .

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.

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