A Fort Wayne-based company is asking a federal bankruptcy court to approve its purchase of Jasper Rubber from First Brands Group, according to documents filed this week.
As reported by WITZ last week, former Jasper Rubber owner First Brands is now in bankruptcy litigation as their former executives face multiple counts of fraud. First Brands has been seeking to liquidate their assets in order to gain capital for further litigation. Information has recently revealed that a multi-million deal may be in the works to purchase Jasper Rubber. While these reports are preliminary, and WITZ has reached out for confirmation, it appears that the long- time Jasper manufacturer may be back in business.
On Wednesday, First Brands Group submitted a motion seeking authorization to sell its Jasper Rubber Products business to Jasper Acquisition Co., LLC, an Indiana limited liability company. Press-Seal Corporation, headquartered in Fort Wayne, will serve as the guarantor for the purchase. According to court records, the company initially expressed interest in Jasper Rubber as early as March when they submitted a non-binding proposal…