Orexigen Therapeutics filed with the U.S. Bankruptcy Court a motion for an order approving bidding procedures and protections for the sale of substantially all assets of Debtor; approving procedures for the assumption, assignment and rejection of designated executory contracts and unexpired leases; scheduling an auction and sale hearing; approving forms and manner of notice of respective dates, times and places in connection therewith and approving the sale of the Debtors’ assets free and clear of claims, liens and encumbrances.
The motion explains, “Any such Stalking Horse Purchase Agreement shall include a minimum cash purchase price for the Purchased Assets of not less than $75,000,000. Break-Up Fee of up to 5% of its Stalking Horse Bid as set forth in its Stalking Horse Purchase Agreement and reimbursement of its reasonable and documented out-of-pocket expenses and disbursements not to exceed $2,000,000. Includes a minimum cash purchase price for the Purchased Assets of not less than $75,000,000.”
The following dates are fixed: bidding procedures hearing on April 5, 2018; bid deadline on May 21, 2018; auction on May 24, 2018; sale and assignment objection deadline on April 30, 2018; sale hearing on June 5, 2018 and deadline to close proposed sale transaction on July 2, 2018.
Read more Orexigen bankruptcy news.
The post Orexigen Therapeutics Bankruptcy Bid Procedures appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.