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Logistics Firm Access World Faces Public Auction
18 Sep
Summary
- A public auction for Access World Group Holdings has been initiated.
- Glencore's attempt to buy back the business privately was rejected.
- The company was sold in 2022 for $176.7 million, but defaulted.
A public auction is now underway for Access World Group Holdings, a logistics and warehousing firm previously under Glencore's ownership. The auction was initiated by a Dutch bailiff, with interested parties needing to submit statements of interest by October 1.
This development arises after the Amsterdam District Court ruled against Glencore's proposed private transfer of Access World back to its subsidiary, Tironimus. The court found that Glencore had not sufficiently demonstrated that a public auction would be detrimental and noted that Tironimus would be permitted to participate in such a sale.
Access World was originally purchased from Glencore in 2022 by British Virgin Islands-based Global Capital Merchants for an enterprise value of $176.7 million. A significant portion of this purchase was financed by a Glencore vendor loan. However, GCM failed to meet a repayment deadline in January 2023, and by March 31 of this year, approximately $108.9 million remained owed, including interest.
