Open Road Films – Court Approves Bid Procedures and Form of APA

October 26, 2018 – The Court hearing the Open Road Films case approved (a) bid and sale procedures relating to the sale of the Debtors’ assets (including stalking horse protections and a proposed timeline) and (b) a form of asset purchase agreement between the Debtors and any potential stalking horse bidder [Docket No. 239]. As previously reported [Docket Nos. 9 and 160], “All bids must be accompanied by a deposit equal to 10% of the proposed purchase price and must include a commitment to close the sale by November 16, 2018. Bids at auction must be made in minimum increments of $1 million.” The following general timeline was approved: (i) a bid deadline of November 2, 2018, (ii) an auction to be held on November 7, 2018, with objections due by November 9, 2018, (iii) a sale hearing to be held on November 9, 2018, with objections by November 2, 2018 and (iv) a deadline to close the sale transaction of November 16, 2018.

 

The Debtors also filed with the Court an amended notice of auction and sale hearing [Docket No. 243] stating, “Pursuant to the Bid Procedures Order and the Bid Protections Order, if the Debtors receive any Qualified Bids, for the Purchased Assets, the Auction shall take place on November 7, 2018 at 10:00 a.m. (Pacific Time) at the offices of Klee, Tuchin, Bogdanoff & Stern LLP, 1999 Avenue of the Stars, 39th Floor, Los Angeles, CA 90067.  Only parties that have submitted a Qualified Bid, as set forth in the Bid Procedures Order, by no later than November 5, 2018 at 12:00 p.m. (Eastern Time) (the ‘Bid Deadline’) may bid at the Auction.”