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Wed May 14, 2014
Freedom Industries Can Sell Its Other Facility in Kanawha Valley
A bankruptcy judge is expected to approve Freedom Industries' request to sell its Poca Blending facility unless a better bid is submitted by Friday afternoon.
U.S. Bankruptcy Judge Ronald Pearson found the proposed buyer, Lexycon LLC, doesn't have any connection to Freedom or its former controlling officers. Pearson also said the sale's terms and conditions, and the negotiations, weren't inappropriate.
Pearson made the findings during a preliminary hearing Tuesday on Freedom's motion to sell the property to Lexycon. But the judge delayed approval of the sale until 1 p.m. Friday to allow time for anyone to offer a higher bid.
Freedom filed for bankruptcy on Jan. 17. On. Jan. 9, a chemical spill from another facility contaminated the water of 300,000 people in nine counties.