Quantcast
Channel: Daily Bankrupt Company Updates | Bankrupt Company News
Viewing all articles
Browse latest Browse all 4593

Protea Bankruptcy Bid Procedures, Sale Approval Sought

0
0

Protea Biosciences Group filed with the U.S. Bankruptcy Court a motion to sell all or substantially all of the Debtors’ assets free and clear of third party interests, liens, claims, charges and/or encumbrances.

The motion explains, “On December [_], 2017, the Debtors executed that certain Asset Sale and Purchase Agreement…through which the Debtors covenanted and agreed, subject to this Court’s approval, to sell (the ‘Sale’) all or substantially all of the assets of the Debtors as specifically and exclusively identified by the Buyer…to Summit (Summit may be hereinafter referred to as the ‘Buyer’ or ‘Stalking Horse Bidder’) for an initial credit bid (‘Summit Credit Bid’) of $1,000,000 (‘Purchase Price’) with full reservation of all rights to increase the initial credit bid up to the total amount of Summit’s secured claim, pursuant to Section 363 of the Bankruptcy Code. The Buyer has also agreed, in exchange for the Debtors requesting approval of the fees and expense reimbursement traditionally offered to stalking horse bidders, to serve as the Stalking Horse Bidder for the sale of the Purchased Assets and allow the Summit Credit Bid to serve as the stalking horse bid (‘Stalking Horse Bid’).”

In addition, “The APA represents a binding bid from the Stalking Horse Bidder to purchase the Purchased Assets from the Debtors and contains standard stalking horse protections, including an expense reimbursement of $100,000 (‘Break-Up Fee’) if the Stalking Horse Bidder is not the Successful Bidder at the Auction Hearing.”Contemporaneously with the filing of this Sale Motion, the Debtors filed a motion for entry of an order approving (i) bidding procedures for the sale of property free and clear of liens and encumbrances; (ii) break-up fee related to the sale of property free and clear of liens and encumbrances; (iii) form and manner of sale notice; and (iv) assumption and assignment procedures for executory contracts and unexpired leases.

Read more bankruptcy news.

The post Protea Bankruptcy Bid Procedures, Sale Approval Sought appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


Viewing all articles
Browse latest Browse all 4593

Latest Images

Trending Articles





Latest Images