In a court filing on Monday, Endicott Interconnect Technologies revealed that one of its shareholders has entered a bid to buy it. The details were contained in the company’s Chapter 11 bankruptcy proceedings.
Integrian Holdings, an LLC owned by James T. Matthews, has made a $250,000 offer to buy Endicott Interconnect. Matthews is a minority shareholder in Endicott Interconnect, which is wholly owned by members of his family.
According to court documents, the 600-employee company has $16 million in secured debt and tens of millions of dollars more in unsecured debt.
Endicott Interconnect was formed 10 years ago with substantial government assistance to keep IBM’s production facilities in the area from closing down. It filed for bankruptcy last week.
Lawyers for Endicott Interconnect requested a hearing date later this month for approval of the sale process, which would include a chance for other bidders to come forward.