Wilmington, DE - MST announced that it has closed the purchase of the Michigan Specialty Tube Division of Vision Metals, Inc. pursuant to a Section 363 sale in the Delaware Bankruptcy Court. MST is a new company formed by Russ Maier and Atlas Holdings FRM LLC ("Atlas") to purchase the assets and restart the operations of MST.
Andrew Bursky, Managing Partner of Atlas commented, "We are pleased that our transaction closed with the blessings of the Bankruptcy Court. MST will begin life with no liabilities, substantial cash balances and no bankruptcy debt which should give our customers and suppliers a high level of confidence in our future." He also added, "The timing of the closing is consistent with our start-up plan. We have been building a strong backlog of orders over the last several weeks and will begin shipments in early December."
Russ Maier, CEO of MST, stated, "Since we began taking orders in anticipation of the closing two weeks ago, the reception by our valued customers had been tremendous. We are confident that we will improve on MST's legacy of high quality product and attentive customer service."