Auction Sale Process
Our sales process has been designed to facilitate the sale of assets in various bulk and piecemeal configurations and to provide bidders a convenient bidding forum for all asset categories in such a way as to offer the best opportunity to keep facilities in tact for future use, if possible. Assets will be offered in: A) Bulk in Entirety including M&E, IP, Real Estate; B) Bulk of each Facility; C) Bulk of Individual Specific Production Lines; and D) Piecemeal Lots. All offerings will be subject to determination as to the most favorable combination of lots and will be awarded at the discretion of the Estate
Our sales strategy will include:
1. Live WebCast Auction Sale of an Enterprise Sale and Bulk Lots, as identified in Addendum A, to be conducted on site from the Greenville Facility on June 26,, 2012 at 9:00 AM ET. There will be a 15% Buyer’s Premium on all bulk lots excluding Bulk Sales of lots 1, 1A, and 3, which will not be subject to a Buyer’s Premium. Any sales taxes due will be the responsibility of the buyers.
2. Online Auction Sale in a piecemeal format of the contents of the facilities listed below. The Online Auction Sale will commence shortly after the conclusion of the WebCast Auction Sale on Tuesday June 26, 2012. Staggered closing of the piecemeal lot auction will commence on Wednesday June 27, 2012 and will conclude on Friday June 29, 2012. All piecemeal lots will be subject to a 15% Buyer’s Premium and any applicable sales taxes due.
All production equipment, machinery & equipment, offices, and other personal property located at each of the locations listed below:
i. Greenville, MI
ii. Battle Creek, MI
iii. Auburn Hills, MI
iv. Troy, MI
v. Tijuana, Mexico
Bulk bids will only be able to be submitted during the Live WebCast Auction Sale at the Greenville, Michigan facility, either in person or via the WebCast Auction sale on June 26, 2012 commencing at 9:00 AM ET. All Bulk bids will be subject to the piecemeal bids taken for the assets offered in the Online Auction Sale commencing immediately after the WebCast Auction Sale. WebCast instructions can be found on the www.hilcoind.com website, or by clicking here, as well as the www.hgpauction.com website. Sales will be confirmed by the Estate after comparing Bulk Bids vs. Piecemeal bids after the completion of the piecemeal Online Auction Sale and will awarded to the most favorable bidders as deemed by the Estate on or before July 3, 2012.
Only Qualified bidders may participate in the WebCast Auction sale. To become a qualified bidder for Lots 1, 1A and 3, we must receive a deposit* in the amount of 10% of the anticipated maximum bid, but no less than $250,000, prior to the commencement of the WebCast Auction Sale. Apparent high bulk bidders for lots other than 1, 1A and 3 will be required to provide a deposit of 15% of the total of their bids at the time of the fall of the hammer**. In addition, apparent high bulk bidders for lots 1, 1A and 3 will be required to deposit an additional deposit in an amount sufficient to equal a total deposit of 20% of the total bid price within 24 hours of the completion of the WebCast Auction Sale with the balance due within 24 hours of the announcements of all final winning bidders. In the event that the piecemeal bids exceed the corresponding bulk bid, deposits will be refunded to the unsuccessful bulk bidder immediately following the determination that the piecemeal bids exceeds the bulk bid, but only in the event that the bulk bidder did not bid on any of the piecemeal assets during the online auction. All deposits must be in cash, certified funds or wire transfers. If wire transfers are used, the funds must be in the auctioneers account prior to the commencement of the auction sales. All sales are subject to the terms and conditions of sale as posted on the www.hilcoind.com and www.hgpauction.com websites.
*Note on Deposits. Since deposits are due prior to webcast for lots 1, 1A and 3, it is suggested that a wire transfer be used.
**Bulk bidders for lots other than 1, 1A and 3, require immediate deposits in cash or certified funds at the time of the sale. It is suggested that Bidders bring certified funds in multiple checks that can be used as needed. Banking information can be found on the respective websites above. Following the live open outcry auction for the bulk lots, the piecemeal portion of the auction will be conducted exclusively online. There will be two separate online events (“UniSolar Systems de Mexico” and “UniSolar Sale #3). There is no deposit required to participate in the piecemeal auction.
