In a press release announcing the filing, BeavEX advised that it had reached an “agreement for certain U.S. Last Mile affiliates of TFI International Inc. (‘TFI International’) to acquire the majority of the Company’s assets, including its Guardian Medical Logistics division (‘GML’). To accomplish the sale in an efficient manner, BeavEx and its affiliates filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware (the ‘Court’). Concurrently, the Company filed a motion requesting approval of a stalking horse asset purchase agreement with TFI International and to initiate a competitive bidding process under Section 363 of the Bankruptcy Code designed to achieve the highest or otherwise best offer, or offers, for the Company’s assets. BeavEx expects to continue operating its business as usual and has obtained a commitment for debtor-in-possession (“DIP”) financing. Subject to Court approval, this DIP financing, combined with cash generated by the business, will provide liquidity to support ongoing operations during the process.
The agreement with TFI International, which was reached following an extensive examination of strategic alternatives and a robust marketing process and is subject to higher or otherwise better offers for the Company’s assets, provides total cash consideration of $7.2 million and includes the assumption of certain liabilities related to the acquired assets. Pursuant to Section 363, BeavEx intends to implement procedures to allow other qualified buyers the opportunity to submit competing bids for the same or other assets. “
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