July 29, 2018 – Heritage Home Group filed a motion [Docket No.13] requesting Court approval of procedures and actions necessary to the proposed sale of assets related to their Hickory Chair, Pearson, Maitland-Smith, and La Barge brands (the “Luxury Brands Business”). After extensive marketing for the sale of the Debtors’ business lines, the Debtors determined to proceed with the sale of the Luxury Brands Business to Hickory Chair, LLC, as Buyer (the ‘Stalking Horse Bidder’). Details of the proposed sale include, “The aggregate purchase price for the Acquired Assets will be $17,450,000 (the ‘Base Amount’)….The Stalking Horse Bidder has submitted a good-faith deposit of $1,310,000. Entities seeking to submit a ‘Qualified Bid’ are required to submit a deposit of 7.5% of the total purchase price of their Bid….The Debtors have agreed to provide the Stalking Horse Bidder with Bid Protections of (i) a Breakup Fee, in the amount of $540,000 and (ii) an Expense Reimbursement, in an amount up to $360,000.”
Read more bankruptcy news.
The post Heritage Home Group – Plans Sale of Luxury Brands Business to Hickory Chair for $17.45 Million appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.