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Republic Metals Corporation – Court Approves Valcambi as Stalking Horse

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January 11, 2019 – The Court hearing the Republic Metals Corporation case issued an order [Docket No. 399] approving (i) bid procedures in respect of the sale of the Debtors’ assets (the “Bid Procedures”), (ii) the selection of Swiss metals refiner Valcambi SA, as Stalking Horse Bidder and the 3% break-up fee and overbid requirements related thereto and (iii)  proposed scheduling and manner of notice in respect of an auction and sale hearing. The order states, “Valcambi SA (‘Valcambi’) is approved as the stalking horse bidder. Valcambi’s opening bid of $16,000,000 shall serve as the opening bid at the Auction. Valcambi shall be entitled to the Break-Up Fee, of 3% of its opening bid, or $480,000, if it is not the successful bidder at the Auction. Potential purchasers of the Assets must submit an initial minimum competing bid of at least $16,580,000, in order to be considered a ‘Qualified Bid.’ Subsequent minimum overbids at the Auction shall be in increments of $100,000.” 
 
The order attaches the Bid Procedures, the Form Assignment Notice and Form of Sale Notice as addendums 1, 2, and 3. respectively.
 
Key dates:
  • Bid Deadline: January 28, 2019
  • Auction: January 31, 2019
  • Deadline to Object to Sale: February 06, 2019
  • Sale Hearing: February 13, 2019

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The post Republic Metals Corporation – Court Approves Valcambi as Stalking Horse appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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