Friday, July 19, 2013

Lehi Roller Mills for sale: Court CRO determines assets must go

A historical community landmark-- Lehi Roller Mills SEmD is about to change ownership.

Having started the bankruptcy process in December 2012, Lehi Roller Mills owner Sherwin Robinson had said he hoped to keep the business intact by filing a Chapter 11.

Instead, the U.S. Bankruptcy Court appointed a Chief Restructuring Officer in March, Mark Hashimoto, CPA for Piercy, Bowler, Taylor & Kern.

To date, KEB Enterprises, a holding company, has offered $4.4 million for nearly all of the Lehi Roller Mills assets. If there are higher or better offers received by Aug. 13, then an auction will take place between the competing bidders on Aug. 15.

"The amount of debt we had was pretty insurmountable. The total debt was in excess of $10 million," Hashimoto said. Daily Herald

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