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.”
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