Wrena Announces Chapter 11 Bankruptcy Sale Under Section 363

Wrena, LLC, a supplier of stamped metal products to the auto industry, has announced a sale process under Chapter 11 bankruptcy, leveraging Section 363 of the U.S. Bankruptcy Code. Based in Ohio, the company continues its operations profitably, yet opts for this sale process primarily to settle litigation-related liabilities and to optimize asset value. With an anticipated $18.6 million revenue for the fiscal year 2024 and a workforce of 50, Wrena is navigating a structured sale process managed by Cascade Partners, LLC. Prospective bidders must qualify by December 6, 2024, meeting criteria such as submitting a signed asset purchase agreement, proof of financial capability, and a good faith deposit. The Bankruptcy Court has earmarked key dates, including an auction slated for December 10, 2024, if multiple qualified bids emerge. A related entity has already tendered an opening bid of $5.65 million, complemented by the assumption of employee-related liabilities. The entire process culminates with a Sale Hearing set for December 16, 2024, following which the sale is anticipated to close soon after.