A Canadian company is offering $12 million for the Rockford assets of bankrupt Ingersoll International.
The offer was made by Magnum Integrated Technologies of Brampton, Ontario. Magnum is involved in design, engineering, manufacturing and turnkey projects related to metals, power generation and defense industries.
Magnum is one of several groups interested in buying the 112-year-old machine tool manufacturer. If bankruptcy Judge Manuel Barbosa approves Magnum's bid, it becomes the starting point for other bids.
Ingersoll filed for Chapter 11 Bankruptcy on April 22, putting 370 people out of work. Court documents show the company is carrying at least $36 million of debt.
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