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Quadrant 4 Bankruptcy Bid Procedures Approved

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The U.S. Bankruptcy Court approved the motion of Stratitude (a wholly-owned subsidiary of Quadrant 4 Systems) for the entry of an order approving the sale process and bidding procedures with respect to the sale of substantially all of its assets; approving form of and authorizing the Debtor to enter into a stalking horse asset purchase agreement; approving bid protection and break-up fees; scheduling a public auction and subsequent sale hearing and authorizing the sale free and clear of liens, claims, encumbrances and interests.

As previously reported, “The Debtor’s Business has been included in the marketing efforts of Q4, Silverman Consulting and Livingstone….Since the marketing process began, the Debtor has generated significant interest in the sale of the assets related to the Business from three prospective purchasers, and some interest from others. The Debtors has now been able to secure an offer it proposes represents a stalking horse offer in the amount of $1,500,000 from First Tek Inc., a New Jersey corporation.”

In addition, “It is critical that the Debtor has in place sale procedures and a sale hearing as soon as possible to ensure a sale of the Business at a time likely to achieve the highest price possible…In consideration of First Tek submitting the Stalking Horse Offer and serving as the stalking horse for purposes of further competitive bidding for the Acquired Assets, the Stalking Horse Offer requires the Court’s approval of any Qualifying Bid’s Initial Bid Amount to be in the amount of at least $1,700,000 (13.3% of Initial Bid Amount) (the ‘Bid Protection’), and a break-up fee payable to First Tek of 5 % of the Initial Bid Amount plus $75,000 for reasonable reimbursable expenses (the ‘ Break-up Fee’).”

Court-filed documents continue, “The Debtor shall conduct the Auction of the Acquired Assets…on Tuesday, November 28, 2017….The Stalking Horse Offer shall be the opening bid for the Acquired Assets. All bids subsequent to the initial Bid Protection overbid at the Auction shall be in the increments of at least $50,000.”

Read more Quadrant 4 bankruptcy news.

The post Quadrant 4 Bankruptcy Bid Procedures Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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