The U.S. Bankruptcy Court approved DirectBuy Holdings’ motion for an order authorizing the sale of all or substantially all of the Debtors’ business assets free and clear of liens, claims, encumbrances and other interests and approving the assumption and assignment of certain executory contracts and unexpired leases related thereto.
As previously reported, “The Debtors determined, in the exercise of their business judgment and in consultation with the applicable parties, that the Asset Purchase Agreement with CSC Generation…constituted the Starting Bid. Derby advised the Debtors it intended to exercise its right not serve as the Back-Up Bidder. Accordingly, the Debtors filed the Notice of Cancellation of Auction [Docket No. 358] and declared the CSC APA to be the Successful Bid and CSC as the Successful Bidder.”
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