[ferro-alloys.com]Republic Metals Refining Corp. could be under new ownership in less than a month under a series of final bidding procedures approved for the bankrupt Miami, Florida-based company.

In endorsing the bidding procedures requested by Republic, Judge Sean Lane of the US Bankruptcy Court for the Southern District of New York in Manhattan approved Switzerland-based Valcambi as the stalking horse bidder. Valcambi is offering to pay $16 million for all of Republic's assets, including its only manufacturing plant in Opa-locka, Florida.

Valcambi will be paid a break-up fee of $480,000 if it does not end up purchasing Republic.

Other prospective bidders have until 5 pm EST January 28 to submit offers.

If more than one "qualified" bid is tendered, Republic will hold a court-supervised auction at 3 pm January 31, with Valcambi leading off the bidding.

Each bidder participating in the auction will be required to coonfirm it has "not engaged in any collusion with respect to the bidding or the sale," the judge said in his order.

It is unclear if Republic will receive any offers other than Valcambi's.

Potential purchasers will be required to submit a minimum "overbid" of $16.58 million in order to be considered a "qualified bid." Valcambi, which almost acquired Republic last fall before the deal collapsed and Republic filed for bankruptcy November 2, can raise its offer as well.

Parties will have until 4 pm February 6 to object to the sale. Lane will conduct a sale hearing at 3 pm February 13 to with the aim of giving final approval to a sale.

Republic is opposing a proposal for the court to appoint an examiner to possibly investigate a $70 million metal inventory shortfall it reported last spring. The shortfall issue is a "legal" one, the company contends, and should not be part of the official sale process.

（S&P Global Platts）

• [Editor:王可]