[CPEO-BIF] Water Gremlin bankruptcy, White Bear Township, Minnesota

[Lenny Siegel <LSiegel@cpeo.org>]

News Release
PR Newswire
October 27, 2023

Water Gremlin Announces Advancement of Sale Process With Receipt of Multiple Offers to Acquire U.S. and European Divisions


Contemplated Sale to Best Position Businesses for the Future, Ensuring Continued Manufacturing and Distribution to Customers as Usual, With Same Focus on Sustainability
Commences Voluntary Chapter 11 Proceedings to Complete Value-Maximizing Transaction
$10 Million Debtor-in-Possession Financing Commitment to Support Ongoing Operations During Process

WHITE BEAR TOWNSHIP, Minn., Oct. 27, 2023 /PRNewswire/ -- Water Gremlin (the "Company"), a market-leading manufacturer of essential components for batteries used to power the commercial, consumer, military, and government transportation and infrastructure sectors, today announced that it is evaluating multiple compelling offers from interested parties to acquire substantially all of the assets of its U.S. and European divisions.

To complete a value-maximizing transaction in the most efficient manner, Water Gremlin and its U.S. affiliates commenced voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware (the "Court"). Water Gremlin Aquila Company S.p.A., the Company's European division based in Brescia, Italy, is not part of the proceedings.

Chapter 11 will also provide an appropriate forum for definitively resolving pending litigation related to the Company's past use of the solvent TCE in its manufacturing process, which it voluntarily discontinued in early 2019. Since that time, Water Gremlin has brought its facilities, operations, and health and safety policies and procedures to meet all regulatory standards, including replacing TCE with its innovative, solvent-free Gremlin Green™ coating process.


…

For the entire release, see
https://finance.yahoo.com/news/water-gremlin-announces-advancement-sale-091400253.html

—

Lenny Siegel
Executive Director
Center for Public Environmental Oversight
A project of the Pacific Studies Center
LSiegel@cpeo.org
P.O. Box 998, Mountain View, CA 94042
Voice/Fax: 650-961-8918
http://www.cpeo.org
Author: DISTURBING THE WAR: The Inside Story of the Movement to Get Stanford University out of Southeast Asia - 1965–1975 (See http://a3mreunion.org)

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