Released on November 4, 2009

In its ongoing attempt to find a buyer, bankrupt Grede Foundries, Milwaukee, has asked a federal bankruptcy court to approve a timeline for auction of the company, which will start with an existing bid from Wayzata Investment Partners LLC, Wayzata, Minn.

“[Wayzata] and additional parties have expressed a strong interest in purchasing our company, and our request to the court is the next step in the process that we expect will lead to a sale of the company to the highest bidder before the year’s end,” Koenings said.  “The reorganization efforts we have undertaken in the last five months have strengthened our company and returned it to profitability.”

Grede filed a petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Western District of Wisconsin in June. In this latest filing, the company asked the court to hold a Nov. 16 hearing on its timeline proposal.  The proposed schedule calls for the auction to conclude by Dec. 9 and for a closing by Dec. 31.

Koenings added that the Grede facilities in Greenwood, S.C., and Vassar, Mich., are not part of the sale package. The company will attempt to sell those units separately. Koenings said buyers have expressed interest in the properties.

Grede specializes in ferrous metals and operates eight foundries in the U.S. serving the automotive, heavy truck, appliance and industrial markets. The company’s metalcasting facility locations are Milwaukee, Reedsburg, Wis., Vassar, Mich., St. Cloud, Minn., Iron Mountain/Kingsford, Mich., New Castle, Ind., Wichita, Kan., and Greenwood, S.C.