Posted at: 06/14/2013 8:00 PM
Updated at: 06/14/2013 8:06 PM
By: John Doetkott
(ABC 6 News) -- After laying off nearly half its workforce, the troubled Austin Packaging Company was effectively put up for sale back in mid-April. By next Wednesday we should know exactly who will be taking over the business.
Monday is the last day for potential buyers to submit their bids, with an auction to follow on Wednesday.
The initial bid was set at $5.6 million dollars, but that could go up or down depending on what bidders are willing to pay when they all get in a room together.
A judge would have to approve the final sale, but officials tell us that 6 or 7 interested parties have already toured the facility, and at least 5 companies are expected to participate in Wednesday's auction.
Officials do not expect any layoffs as the majority of the company's value lies in its established workforce and processes.
And the person in charge of the negotiations told me some of the interested companies would even be looking to expand APC's operations.
Stay with ABC 6 News as we continue to follow this story and bring you the latest details on Wednesday.