Monro marches onward; Firm offers to buy bankrupt ProCare chain for $14 mill.(ProCare Automotive Service Solutions L.L.C.)

Tire Business, March, 2006 by Hockensmith, Lisa

Byline: Lisa Hockensmith

Monro Muffler Brake Inc. has offered to buy the assets of ProCare Automotive Service Solutions L.L.C., which filed for Chapter 11 bankruptcy protection March 5, for about $14 million in cash.

The bid, which needs to be approved by the bankruptcy court overseeing ProCare's Chapter 11 case, also includes $3.65 million debtor-in-possession financing to ProCare to be used for general working capital needs pending approval of the deal. Those funds will be repaid upon completion of the deal, Monro said.

Monro cautioned that its bid is subject to procedures to be outlined by the court and that the court is free to entertain other bids for Independence, Ohio-based ProCare.

Monro expects to operate all of ProCare's...

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