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Lockwood International – Lockwood Holdco to Serve as Stalking Horse Bidder

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August 9, 2018 – Lockwood International filed a motion requesting, pursuant to paragraph 8 of the Bidding Procedures Order [Docket No. 513] and Section IX of the Bidding Procedures, to designate Lockwood Holdco, LLC as the stalking horse bidder for certain of the Debtors’ assets in the United States and Singapore [Docket No. 570].

The motion explains, “The total consideration to be paid by Buyer to Seller for the Purchased Assets is (a) $20,000,000 (the ‘Purchase Price’)….On or prior to the date of the Auction, Buyer shall pay to Seller the cash deposit required by the Bid Procedures Order in the amount of $4,000,000 (the “Cash Deposit”) to be held by Seller against payment of the Purchase Price and as security for the performance by Buyer of its obligations under this Agreement.”

More bankruptcy news on Lockwood International.

The post Lockwood International – Lockwood Holdco to Serve as Stalking Horse Bidder appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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