WILMINGTON, Del. – A Delaware bankruptcy judge has tentatively approved the sale of Standard Register Co.'s assets to a company run by billionaire businessman Glen Taylor, owner of the NBA's Minnesota Timberwolves and the Minneapolis Star Tribune newspaper.
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Attorneys said Wednesday that Minnesota-based Taylor Corp. submitted a winning bid of $307 million for Dayton, Ohio-based Standard Register, a century-old printing and marketing company. It beat out Connecticut-based hedge fund Silver Point Capital, which made an initial offer of $275 million.
Final approval of the sale is subject to resolution of outstanding objections by various creditors and the settlement of a complaint filed against Silver Point by Standard Register's official creditors committee.
Standard Register filed for bankruptcy protection in March, simultaneously announcing the $275 million buyout agreement with Silver Point, a secured second-lien lender.