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Uni-Pixel Bankruptcy Sale Approved

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The U.S. Bankruptcy Court approved Uni-Pixel’s motion for the sale and auction of certain assets free and clear of all liens, claims, encumbrances and interests to Future Tech Capital and the bid of ESW Capital to sponsor a plan of reorganization.The order states, “The Court conducted a live auction and determined the Successful Bidder. Each and every term and provision of this Order shall be binding in all respects upon Future Tech, the Debtors, ESW, Western Alliance Bank, as successor in interest to Bridge Bank (‘WAB’), the Debtors’ bankruptcy estates, any trustee who may be appointed after entry of this Order, the Debtors’ creditors, and all individuals or entities holding an interest in the Debtors. All objections to the Sale Motion not withdrawn are overruled and denied….In addition to the foregoing, ESW is approved as the Successful Bidder and the ESW Bid (Exhibit B) is approved as the Successful Bid pursuant to the Bid Procedures Order.”

In addition, “Through the ESW Bid, ESW proposes to provide capital for the restructuring of the Debtors (the ‘Restructuring’). The Restructuring is contemplated to be effectuated in the form of a confirmed chapter 11 plan of reorganization, with ESW acting as Plan Sponsor….The Debtors are authorized, immediately upon entry of this order and receipt of funds from Future Tech relating to the Transaction contemplated in the Sale Motion, to pay WAB $675,000 in full and final satisfaction of all amounts owed by the Debtors to WAB (the ‘WAB Payment’), as agreed to by the Debtors, the Official Committee of Unsecured Creditors, and WAB.”

As previously reported, “The Debtors reached agreement on the terms of an asset purchase agreement (APA) with Future Tech Capital, a California limited liability company, which agreed to those terms without requesting a period of time in which to conduct an independent due diligence inquiry. The proposed sale price will be $1,500,000, with a $200,000 deposit to be credited against the Purchase Price.”

Read more Uni-Pixel bankruptcy news.

The post Uni-Pixel Bankruptcy Sale Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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