Objection stalls sale of three companies, including Commercial Metal Forming

Staff report

YOUNGSTOWN

The sale of Constellation Enterprises’ three companies, including Commercial Metal Forming located here, wasn’t finalized Tuesday because of an objection.

Constellation filed for bankruptcy in May, and three of its companies – Commercial on Logan Avenue, Jorgensen Forge Corp. of Washington and Zero Manufacturing of Utah – are up for auction together and separately.

Bankruptcy files show Commercial’s highest individual bidder was Samuel, Son and Co. Inc. for $54.2 million. Zero received no bids. Jorgensen also received no bids, but an undocumented offer from Georgia Financial X LLC to purchase the assets of the company was received at $6 million.

A combination bid for Zero and Jorgensen was submitted by JFZ Acquisition for $5.4 million. One bulk bid for all three companies was submitted for $108 million from CE Star Holdings LLC, a company formed by Constellation’s noteholders.

On Aug. 11, the bid from CE Star Holdings was selected and was to be finalized Tuesday. However, Samuel, Son and Co., which was selected as a backup bidder, filed an objection.

Another company, Columbus Castings in Columbus, which was left idled after Constellation’s bankruptcy, received a bid for $29.7 million from 476 Bridge Street LLC.

Meanwhile, business is as usual for Commercial Metal Forming, which has three locations with the main location in Youngstown. Commercial manufactures tank heads and tank-head accessories.

“We’ve been functioning and operating three facilities as a normal course of business,” said Bob Messaros, president of Commercial.