Quantegy will be auctioned off Thursday, March 24, at Espy, Metcalf & Poston P.C., in Dothan, AL. The final sale’s hearing will be at 10 a.m. Friday, March 25, at the United States Courthouse in Opelika, AL. With objections from unsecured creditors withdrawn, the signed Asset Purchase Agreement between Quantegy and Discount Tape now rests in judicial hands. Frank Foster, vice president of Discount Tape, said he hopes for a minimum bid of $5.85 million.
Meanwhile, new sources for analog tape are emerging. ATR Magnetics said it plans to have its formulation available by mid-year, made at its York, PA, facility. Dutch-based Recordable Media Group International (RMGI) has acquired production and formulation patents from EMTEC, previously the tape division of BASF. The company’s products are expected to hit the market in May.