Synagro Technologies Inc., a biosolids-management company owned by Carlyle Group LP, sought bankruptcy protection with a plan to sell most of its assets to private-equity firm EQT Infrastructure II LP, Bloomberg News reported yesterday. The Baltimore-based company listed assets of more than $10 million and debt of more than $100 million in its chapter 11 petition filed yesterday. EQT, based in Sweden, agreed to be the lead bidder at a court-supervised auction with an offer of about $455 million. The bid may be topped at auction and any sale would require court approval. Carlyle, the world's second-biggest private-equity firm by assets, acquired Synagro in 2007 for $462 million plus the assumption of $310 million in debt.
