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hhgregg Bankruptcy Sale Procedures Approved

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The U.S. Bankruptcy Court issued an order, granting in part hhgregg’s motion for orders scheduling a bid procedures hearing; authorizing and approving bid procedures; approving notice procedures; scheduling a sale hearing and authorizing the sale of the Debtors’ class action assets free and clear of all claims, liens, rights, interests and encumbrances and approving successful bidder agreement(s).

The order states, “The Class Action Sale Motion, to the extent applicable to the Sale Assets, is approved. B. The offer by Clearmeadow to purchase the Sale Assets for a purchase price equal to the sum of: (a) $1,250,000 paid in cash at Closing (the ‘Cash Component’); plus (b) an amount equal to 50% of all Sale Assets settlement recoveries or other proceeds of the Sale Assets received by Clearmeadow in respect of its ownership of the Sale Assets in excess of $1,500,000 (the ‘Share Component’ and with the Cash Component, the ‘Purchase Price’) is approved as the highest and/or otherwise best offer received by the Estate Parties for the sale of the Sale Assets.”

In addition, “The offer by PRA to purchase the Sale Assets for a purchase price equal to the sum of (a) $1,000,000paid in cash at Closing; plus (b) an amount equal to 50% of all Sale Assets settlement recoveries or other proceeds of the Sale Assets received by PRA in respect of its ownership of the Sale Assets in excess of $1,200,000 is approved as the ‘Back-Up Bid.'”

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