A federal judge ordered an investigation into a $6.8 million transaction that would reshuffle the ownership of bankrupt New Hampshire manufacturer of Coolcore fabric used in sportswear, Dow Jones Daily Bankruptcy Review reported today. In a court order, Judge Bruce A. Harwood gave a New Hampshire lawyer seven days to file a report on whether Coolcore officials have reached out to potential buyers who could challenge a purchase offer from the company's lender and majority owner, Schleicher & Stebbins Hotels LLC. That entity owns 55 percent of the Coolcore's shares and has proposed to buy the company by forgiving roughly $6.8 million in debt, according to documents filed in U.S. Bankruptcy Court in Manchester, N.H. In his court order, Judge Harwood told Michael S. Askenaizer to investigate whether Schleicher & Stebbins Hotels should be able to use the full amount of debt to purchase the company and whether the buyer got any other advantage in negotiating the deal.
