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Longtime Portland business Great Western Chemical is finding difficulty generating much value for the assets of the now-bankrupt company.
In a deal expected to close Aug. 29, Great Western Chemical will sell off much of its remaining assets in the United States for less than $100,000 cash up front.
Although royalties potentially could boost the deal, it is not what the 45-year-old company which sought Chapter 11 bankruptcy protection in July initially expected. And it isn't likely to provide a windfall for creditors who are owed a total of $48 million.
Officials however, said selling the business to East Coast distributor Quadra Chemicals Inc., is …