Enesco Group announced the completion of the sale of substantially all of its assets to EGI Acquisition, LLC an affiliate of Tinicum Capital Partners II, following a hearing at which the U.S. Bankruptcy Court overseeing Enesco's Chapter 11 case approved the transaction.
The purchase price for Enesco's business, operations and assets included EGI's forgiveness of all amounts due under Enesco's senior secured debtor in possession financing facility and certain other obligations owed to Tinicum and its affiliates, the assumption of certain liabilities, and the establishment of a $700,000 wind-down fund for Enesco's use in its bankruptcy case.
Enesco said it intends to file a plan of liquidation to provide for the payment of bankruptcy-related expenses, distribution of residual funds and dissolution of the former entity. Enesco does not anticipate any distribution to its shareholders.
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