- First, the Pharmacy Assets are the quintessential “melting ice cube,” where the value of such assets is decreasing by each day
- Second, certain of the Debtors’ inventory suppliers, including McKesson Corporation (‘McKesson’), have stopped supplying inventory to the Debtors, making it imperative that Debtors can continue to service their existing customers while completing the final stages of the marketing and sale process for the Pharmacy Assets.
- Third, no party will be prejudiced by the bidding process described herein because Wells Fargo Bank, N.A…which acts as agent for the parties that have lent money to the Debtors and for which the Pharmacy Assets serve as collateral, supports the proposed sale process outlined in this Motion.
- Fourth, pursuant to the debtor-in-possession financing facility…the Debtors must satisfy certain milestones with respect to the Pharmacy Assets, including conducting an auction on or before the tenth day following the Petition Date, among other milestones….Failure to adhere to the milestones included in the DIP Orders would have severe consequences and threaten the Debtors ability to continue along the best path for the Debtors and maximize the value of their estates.”
- Bid Deadline: January 21, 2019
- Auction: January 23, 2019
- Transaction Objection Deadline: January 25, 2019
- Reply Deadline: January 28, 2019
- Transaction Hearing: January 28, 2019
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The post Specialty Retail Shops Holding Corp. (Shopko Stores) – Proposes Bidding Procedures for Sale of Pharmacy Assets, Seeks Expedited Timetable for “Melting Ice Cube” appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.