The beleaguered Spiegel Group is looking for a buyer for its Newport News Inc. subsidiary.
“The decision to gauge market interest in one of the company’s assets, is a normal part of a Chapter 11 proceeding,” said Bill Kosturos, interim CEO in a statement.
Miller Buckfire Lewis Ying & Co. is advising the company on this potential transaction.
Spiegel, Downers Grove, IL, filed for Ch. 11 bankruptcy protection on March 11.
In its filing documents, Spiegel Inc. and its subsidiaries listed total assets with a book value of $2.7 billion and total liabilities of $1.7 billion as of Feb. 22, 2003.
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