Bankruptcy court to hold auction for Crucible Specialty Metals today
By Rick Moriarty
September 21, 2009, 7:00AM
Lauren Long / The Post-Standard
An auction is scheduled today for the Crucible Specialty Metals steel mill in Geddes.
Geddes, NY — An auction is scheduled to be held in U.S. Bankruptcy Court in Delaware today for the Crucible Specialty Metals steel mill in Geddes.
BlackEagle Partners LLC, an investment company, submitted a bid Thursday, the deadline for submitting bids, said Michael Madden, BlackEagle’s co-founder and managing partner. He declined Friday to disclose details of the bid.
“I’m hoping we can bring this one home for Central New York,” said Madden, a Le Moyne College graduate.
No information was available from the court on any other bidders for the Geddes plant.
BlackEagle, which specializes in rescuing under-performing or troubled businesses, has been the only company that has publicly expressed an interest in the Geddes facility.
Members of the United Steelworkers of America voted Sept. 4 to accept pay and benefit cuts requested by BlackEagle as a condition for the company buying the facility and keeping it running. Crucible employs 693 people, about 550 of them union members.
The plant’s owner, Crucible Materials Corp., filed for bankruptcy May 6, citing a significant drop in demand for its steels, particularly for its automotive valve steel.
At least one company, Carpenter Technology Corp., was expected to make a bid for Crucible’s compaction and research divisions in suburban Pittsburgh. Carpenter offered $20 million for the Pittsburgh facilities in late August.
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