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Hobbico Sale Approval Sought

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Hobbico filed with the U.S. Bankruptcy Court a motion for entry of an order (i) authorizing the sale of assets, free and clear of all liens, claims, liabilities, encumbrances, and interests of any King or nature whatsoever, to MT Acquisitions, LLC, (ii) approving assumption and assignment of executory contract(s), (iii) approving procedures for the sale or abandonment of miscellaneous assets.

The sale motion explains, “The Debtors already have closed on the sale of the Hobby Business Lot and the Estes-Cox Lot and anticipate closing on the sale of the Global Revell Lot in the near future.  However, notwithstanding their extensive marketing efforts, the Debtors were unable to sell the GPMM Assets in connection with the Auction. Nonetheless, the Debtors continued to pursue a sale of the GPMM Assets in an effort to maximize recoveries for the estate.

As a result, on May 8, 2018, the Parties executed the Asset Purchase Agreement (the ‘APA’), which provides for the sale of the GPMM Assets and the potential assumption and assignment of certain related contracts and leases to the Buyer….The Good Faith Deposit of $55,700 shall be forfeited to Sellers if Sellers terminate the APA due to a breach by the Buyer of certain of its agreements, covenants, representations or warranties contained in the APA, which breach is not cured within a specified time period.” The Court scheduled a May 17, 2018 hearing to consider the motion with objections due by May 16, 2018.

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The post Hobbico Sale Approval Sought appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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