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Elements Behavioral Health Sale Procedures Approved

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The U.S. Bankruptcy Court issued an order (i) approving bidding procedures in connection with the sale of substantially all of the Debtor’s assets, (ii) approving certain bid protections for the Stalking Horse Bidder, (iii) approving the form and manner of an auction and sale hearing, (iv) scheduling an auction and sale hearing, (v) approving procedures for the assumption and assignment of contracts and (vi) authorizing the Debtors to enter into the stalking Horse Agreement.

As previously reported, “The Prepetition First Lien Lender and DIP Lender will serve as the stalking horse purchaser (the ‘Stalking Horse Bidder’) pursuant to the proposed Letter of Intent (the ‘LOI’), Exhibit A, which contemplates the entry into a definitive Asset Purchase Agreement (the ‘Stalking Horse Agreement’) with the Stalking Horse Bidder no later than June 1, 2018. Pursuant to the LOI, the Stalking Horse Bidder is entitled to: (a) reimbursement of the Stalking Horse Bidder’s reasonable and actual fees and expenses incurred as the Stalking Horse Bidder up to $325,000 (the ‘Expense Reimbursement’); and (b) initial overbid protection in the amount of $100,000 (the ‘Initial Overbid’ and, together with the Expense Reimbursement, the ‘Bid Protections’).” The following timeline is fixed: bid deadline on June 26, 2018; auction on June 27, 2018. The Court scheduled a sale hearing on June 28, 2018, with objections due by June 21, 2018.

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The post Elements Behavioral Health Sale Procedures Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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