The order states, “On November 2, 2018, the Debtors and Service.com (the “Stalking Horse Bidder”) entered into an asset purchase agreement (the “Stalking Horse Agreement”) for the sale of the SHIP Business, pursuant to which: (i) the Stalking Horse Bidder agreed to pay Sixty million dollars ($60,000,000) in cash, prior to adjustment of such amount in accordance with the terms of the Stalking Horse Agreement (the ‘Cash Purchase Price”’, and to assume the Assumed Liabilities (together with the Cash Purchase Price, the “Stalking Horse Bid”) for the Acquired Assets, subject to higher or better offers, the outcome of the Auction and Court approval; and (ii) the Debtors agreed in the event that the Court approves the purchase of substantially all of the Acquired Assets by any bidder other than the Stalking Horse Bidder and the sale to that bidder is consummated, then the Stalking Horse Bidder will be paid a break-up fee in the amount equal to 1.5% of the Cash Purchase Price (the ‘Break-Up Fee’).
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