The U.S. Bankruptcy Court approved a Toys “R” Us and Geoffrey LLC (together, the “Selling Debtors,”) motion for the entry of an order (i) amending the U.S. Intellectual Property bidding procedures order to include International and private brands intellectual property assets and (ii) extending the sale timeline. As previously reported, “The Debtors believe, based on their conversations with prospective bidders, that a value-maximizing sale of the Selling Debtors’ intellectual property assets should include international and private brands intellectual property assets in addition to the U.S. Intellectual Property Assets….Following these conversations, the Selling Debtors, in consultation with their advisors and the Consultation Parties, determined that modifying the existing bidding procedures to include the sale of the Other Intellectual Property Assets and certain additional intellectual property assets and extending the entire sale timeline to encourage greater participation was a prudent step to facilitate the highest and best bids for both the U.S. Intellectual Property Assets and these other assets. The motion proposes the following general timeline: a stalking horse deadline of July 2, 2018; a bid deadline of July 30, 2018; a deadline for notice of qualified bids of August 3, 2018; an auction to be held on August 6, 2018 (with sale objections by August 1, 2018); and a hearing to designate successful bidders to be held on August 8, 2018.”
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