Utica, NY (WBNG Binghamton) A federal judge approved the sale of Endicott Interconnect Technologies to Integrian Holdings.
The judge said the company's bid was the highest and best offer.
Integrian Holdings, LLC is owned by EIT minority shareholder, James Mathews, Jr.
The approved bid assumes more than $15 million of EIT's secured debt. Integrian will also pay $1.5 million to creditors and another $2.4 million for EI's expenses and claims related to the bankruptcy case.
Integrian's lawyer says they also renegotiated a lease to keep the company operating on the Huron Campus at a lower rent.
Attorney Jeffrey Dove said Intergrian's bid was the best choice because they offered the most money, but also because the other bidders had strict closing conditions.
"The Matthews family and Integrian, being familiar with the facility," Dove said, "Know what the issues are and what the issues aren't and didn't have to be quite as much of a stickler as it might otherwise be if it were a third party transaction."
Many of the original objections raised by creditors in court were settled after creditors agreed the bidding process was fair and equal to all bidders.
EIT expects the business and jobs to stay in the village.
"The opportunity to maintain the businesses and employment opportunities are very important to Mr. Matthews and his family," Dove said. "He wouldn't have done this if he thought it was a failing enterprise and didn't have the opportunity to succeed."
Dove says the closing should be finalized within a week or two.
EIT's current Chief Restructuring Officer David Van Rossum said, "I'm happy the process is coming to an end and Endicott is able to go forward and be successful."