Over the past two weeks your local unions and the Teamsters Warehouse Division have been negotiating with both prospective bidders – C&S and Supervalu. As of today, all locals have reached tentative agreements with both companies modifying the existing collective bargaining agreements. The ratification process for one or both of those agreements will begin after the auction has concluded and will need to be voted by or on Tuesday, October 28.
The auction to purchase AWI/White Rose is being held today, Friday, October 24. C&S is the opening bidder and competing bids were due by the close of business on Wednesday, October 22. Supervalu was the only other entity to submit a qualifying bid thus creating a two company auction.
At this point, it is up to AWI to evaluate the subsequent bids from C&S and Supervalu that are made throughout today and determine which bid is the “best and highest” bid. Upon selecting that best and highest bid the process will then move to the bankruptcy judge to hear any objections to the sale to the highest bidder and ultimately approve that sale. That hearing is scheduled at 3 p.m. Wednesday, October 29.
In the meantime, the company’s operations should continue as normal through the sale process. As the sale documents currently read the winning bidder should take over operations no later than December 1, 2014.
We’ll provide an update on the auction process and post that update on https://teamster.org/awi-whiterose
The auction could go into the weekend.