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Quantum Fuel Systems Technologies Sale Approved

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The U.S. Bankruptcy Court approved Quantum Fuel Systems Technologies’ asset purchase agreement and motion for an order authorizing the sale of certain of the Debtor’s assets outside the ordinary course of business and authorizing the sale of assets free and clear of all liens, claims, encumbrances and interests.

As previously reported, “The summary of the principal terms of the Asset Purchase Agreement is as follows: The Purchased Assets under the Asset Purchase Agreement include substantially all the assets of the Debtor, including inventory, tangible personal property, intellectual property assets, cash (with the exception of $250,000 to be left in the estate), and claims and causes of action…The Debtor anticipates the Purchase Price will be at least approximately $21,500,000 plus cure costs and assumed liabilities to be assumed by the Stalking Horse Bidder. The Stalking Horse Bidder will be entitled to credit bid, in lieu of cash, the full outstanding amounts of the DIP Financing and the Convertible Notes held by the Stalking Horse Bidder or the Douglas Trusts.”

Read more on Quantum Fuel Systems.

The post Quantum Fuel Systems Technologies Sale Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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