Bloomberg News reports that Addison, Texas-based Palm Harbor Homes won court approval to hold an auction to sell its assets with an initial offer of about $58 million. U.S. Bankruptcy Judge Christopher Sontchi approved the rules and procedures that would govern the company’s proposed March 1 auction. Bloomberg says Sontchi also gave Palm Harbor final approval to borrow at least $50 million from Fleetwood Homes Inc., a joint venture of Cavco Industries Inc. and Third Avenue Value Fund, to help support operations while in bankruptcy. All potential bidders hoping to compete in the auction must submit their offers by Feb. 24.