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AVT Sale Approval Sought

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AVT and its official committee of unsecured creditors filed with the U.S. Bankruptcy Court a motion approving the sale of the estate’s assets free and clear of liens and other interests pursuant to 11 U.S.C. section 363 (b) & (f).

The Debtors’ requested, “an order approving the sale (‘Sale’) of substantially all of the Debtor’s assets that constitute property of the Debtor’s bankruptcy estate pursuant to Section 541 of the Bankruptcy Code, including all of the tangible and intangible assets owned or used by Debtor, or contemplated to be used, in the operation of the Debtor’s business or otherwise located at the Debtor’s premises, including all inventory, accounts receivable, work in process, open purchase orders, intellectual property, the books and records of the Debtor relating to the assets, subject to overbidding during an auction conducted in accordance with the bidding procedures approved by the Court in an order entered March 17, 2016, to the highest bidder in an amount not less than $950,000.00, and for other relief.”

Read more on retail industry bankruptcies.

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