Weinstein Company Holdings filed with the U.S. Bankruptcy Court a notice of (i) cancellation of auction and (ii) designation of the stalking horse bidder as the successful bidder.
Ivona Smith, a member of Weinstein Company Holdings’ board, comments, “Lantern’s bid clearly achieves the highest and best value for the estate and its creditors. We look forward to working with Lantern to close the transaction and consummate the going concern sale.”
The notice states, “On the Petition Date, the Debtors filed a the Bidding Procedures Motion with the Court seeking entry of orders, among other things, approving (a) procedures for the solicitation of bids in connection with the proposed sale of substantially all of the Debtors’ assets to Lantern Entertainment LLC (the ‘Stalking Horse Bidder’) for $310,000,000 in cash (subject to certain adjustments), payment of certain Cure Amounts, and the assumption of certain liabilities, subject to the submission of higher or otherwise better offers in an auction process, (b) the form and manner of notice related to the Sale and (c) procedures for the assumption and assignment of Contracts and Leases in connection with the Sale….In addition to the Stalking Horse Bid, the Debtors received certain non-qualified bids, and received certain Qualified Bids in the form of credit bids for certain portions of the Assets (collectively, the ‘Credit Bids’).”
In addition, “The Credit Bids did not provide for purchase prices that individually or, in the aggregate, equal or exceed the Minimum Initial Overbid Amount. Therefore, in accordance with the Bidding Procedures and the Bidding Procedures Order, the Debtors, after consulting with the Consultation Parties, have designated the Stalking Horse Bidder as the Successful Bidder and the Stalking Horse Bid as the Successful Bid.”
The Court previously scheduled a May 8, 2018 sale hearing.
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