OnLine Power Supply Inc. (OPS, Centennial, CO) reported that it has filed for protection under Chapter 11 of the bankruptcy code, and has filed a motion with the US Bankruptcy Court for the District of Colorado to sell substantially all of its assets, including patents, equipment, inventory and other assets used in connection with its business at auction to Saturn Engineering and Electronics Inc. for $400,000, subject to higher and better offers.
The auction of the assets is scheduled for 10:00 a.m. on Friday, August 20, 2004, at the offices of Sender and Wasserman, P.C., 1999 Broadway, Suite 2305, Denver, CO 80202. The Bankruptcy Court has also scheduled a hearing on the approval of the motion to sell and the selection of the successful bidder for August 20, 2004, at 1:30 p.m. in Courtroom C of the US Bankruptcy Court, 721 19th Street, Denver, CO 80202.
Under the terms of the proposed sale, following court approval, OPS will cease to operate, the case will be converted to a Chapter 7 and thereafter OPS' remaining assets will be liquidated and distributed to OPS' creditors. At the present time, OPS does not believe there will be any equity remaining after the payment of debts for distribution to the shareholders.
Any party who is interested in participating in the auction of the OPS assets should contact the company or its counsel.
