Endicott Interconnect Assets Go to Auction
A current shareholder of Endicott Interconnect Technologies will not be getting preferential treatment in the bidding for the Endicott company's assets.
During the bankruptcy proceedings in Utica, a federal judge opened the bidding process to more suitors after some issues with the case had been resolved. One of those issues was the 'Stalking Horse' bid by the group owned by James Matthews whose family owns a controlling interest in EIT.
The Stalking Horse bid by Integrian Holdings, LLC would have turned the majority of EIT assets to the Mathews family for $250,00 as the preferred bidder selected by the company.
Attorneys involved in the bankruptcy proceedings said there had been a great deal of interest in the company from outside potential investors, so Integrian had agreed to withdraw from its bidding position.
Integrain is still expected, however, to participate in the bidding process.