BLOOMINGTON - A bankruptcy judge may decide on a proposed sale of Wildwood Industries to a Hampshire firm as early as next week.

A motion to approve the sale of the company's assets to competitor RPS Products for $3 million was filed Friday afternoon with the U.S. Bankruptcy Court in Springfield by Alex Moglia, the court-appointed trustee overseeing the shuttered Bloomington manufacturer for the past month.

Because Wildwood customers are defecting to other businesses, RPS also wants expedited court consideration of the sale. RPS President Dan Schuld said he hopes a hearing can be Tuesday morning, if not sooner.

"We're trying to speed things along," he said. "Right now we're on a tightrope trying to keep these accounts on board."

The agreement followed a three-hour conference call Friday morning, which came after RPS and others expressed frustration with the process.

Moglia, of Schaumburg, said he understands those frustrations, but stressed the process has been a complicated one that must also follow bankruptcy laws and regulations.

For example, while most companies have one or two banks they deal with, Wildwood had dealings with about 65 financial institutions all over the country, and they are allowed input on the issues.

"Time has always been of the essence but when you have no money with which to work from there are only so many things you can do," he said. "We have been working seven days a week on this project. We certainly want to make something happen here.

"It's a process. There are many, many moving pieces to try and structure this deal."

After months of legal and financial woes, Moglia's oversight of Wildwood began after four large creditors forced the business into involuntary bankruptcy.

They told the court Wildwood, which manufactured and distributed home filtration and floor care products, had diverted at least $9 million in assets elsewhere, that financial records were in disarray or nonexistent, and money was being spent in violation of court orders.

There are about two dozen county and federal lawsuits pending against Wildwood. Debts to creditors could total $150 million, said Moglia, who added that a variety of federal agencies are also investigating the situation.

Schuld said if a sale is approved Tuesday morning, they could begin that afternoon to ready the facility to restart. Initially the company would begin with a small group of about 20 employees, but expects that could quickly grow to more than 100.

"We're ready to go. There's going to be a lot of work real quick, but it seems like there's a lot of good people ready to work," he said. "We're excited."