Huffy Corp. seeks overbids for the sale of certain assets

MIAMISBURG, Ohio (PRNewswire) Huffy Corp. has filed motions seeking approval from the Bankruptcy Court to sell certain assets of its non-core businesses.
The Company filed a motion to sell intangible assets including trademarks and patents used in its hockey business under the brand name of Hespeler and its in-line skates and action businesses under the brand names of Rage, Dukes, Skate Attack, and Ultra Wheels.
Huffy has entered into an agreement for the sale of these intangible assets in the amount of $1,615,000. The Company will solicit higher or better offers for these assets. Competing bids must be submitted by no later than December 8, 2004 with a sale auction to be held on December 10, 2004 at the offices of Dinsmore & amp; Shohl in Cincinnati, Ohio. A hearing to approve the sales will be held on December 14, 2004 at the United States Bankruptcy Court for the Southern District of Ohio,
Western Division located in Dayton, Ohio. Additional information on the assets being sold, form of contract and bidding procedures can be obtained by contacting Christopher Hooper at Lazard Freres & amp; Co., 30 Rockefeller Plaza, 61st Floor, New York, NY 10020, (212) 632-6951 (phone) or (212) 332-1748 (fax).
Inventory
The Company has also filed a motion to sell the remaining inventory in its snowboards, in-line skates and skateboard businesses.
The Company has received offers for the remaining inventory as follows:
-- Snowboards (including SIMS(R), Lamar(R) and LTD(R) products) in the
amount of $840,000
-- In-line skates including Ultra Wheels products in the amount of
$240,000
-- Skateboards including Oxygen(R), Rage(R) and Dukes(R) products in the
amount of $42,800
The Company will solicit higher or better offers at the hearing to the approve the sales on November 29, 2004 at the United States Bankruptcy Court for the Southern District of Ohio, Western Division located in Dayton, Ohio. Additional information on the inventory being sold and bidding procedures can be obtained by contacting Patrick O'Malley at (937) 865-5411 (phone) or (937) 865-5484 (fax).
The Company and all of its United States and Canadian subsidiaries filed voluntary petitions for protection under Chapter 11 Reorganization of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Ohio on October 20, 2004.
Huffy Corporation (OTC: HUFCQ) is a diversified sporting goods company, marketing bicycles and wheeled products under the Huffy(R), Royce Union(R), and Micro(R) brands; golf equipment under the Tommy Armour(R), Ram(R), Teardrop(R) and Zebra(R) brands, and a variety of products as a licensee under trademarks from Disney(R).
The discussion in this press release contains forward-looking statements and is qualified by the cautionary statements contained in the Huffy Corporations report on Form 10-K, dated March 5, 2004. SOURCE Huffy Corporation
-0- 11/24/2004
/CONTACT: Robert W. Lafferty, Senior VP - Finance, CFO and Treasurer of Huffy Corporation, +1-937-865-5407/
/Web site: http://www.huffy.com /
(HUFCQ) CO: Huffy Corporation; Dinsmore & amp; Shohl ST: Ohio IN: SPT HOU OTC SU: CF-JE -- CLW020 -- 0365 11/24/2004 12:08 EST http://www.prnewswire.com