Hoku Open to Potential Buyers

Reported by: Bill Kotowski
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Updated: 10/21/2013 8:18 pm
A new era began Monday for the Hoku plant in Pocatello as the plant was opened to potential buyers and to the public in advance of Wednesday's bankruptcy auction.

Monday morning dozens of potential buyers visited the plant to see what is for sale and that is everything on the property.

From electrical circuits to scrap metal everything can be purchased in bulk or in parts as part of a piecemeal auction.

The sale has drawn the attention of investors from across the country which auctioneers credit to the brand new condition of the plant.

In fact, some of the materials on the property hasn't been taken out of their boxes yet.

Potential buyers interested in purchasing the entire property will be able to take part in a live auction Wednesday morning.

Those interested in just small portions of the property will be able to take part in an online auction that will begin shortly after.

Both of those sales should be completed by Thursday afternoon.

At that point the auction company and the trustee will recommend one of the sales be approved by the bankruptcy court.

The judge is expected to approve and finalize the sale on November 16th.

Auctioneers say they understand the importance of this plant to the community and would like to see it repurposed but their first obligation is to recover as much money as possible for Hoku's creditors.

"We're hopeful like everyone in the community that we can find somebody to buy this in bulk so we can reenergize this plant and get the town employed. In the event that doesn't happen, we're prepared for a piecemeal auction that's an unfortunate circumstance of the bankruptcy itself but we're here to serve a purpose,” said Heritage Global Partners Director of Sales David Barkoff.

The facility will be open for public viewing on Tuesday, October 22 from 9 a.m. until 4 p.m. The live auction for the bulk sale will begin October 22 at 9:30 a.m. with the online piecemeal auction beginning immediately after.
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