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Constellation Enterprises Stalking Horse Bidder Designated

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Constellation Enterprises filed with the U.S. Bankruptcy Court a notice of designation of a stalking horse agreement.

The notice states, “On June 28, 2016, the Bankruptcy Court entered an order…approving proposed bidding procedures by which the Debtors will solicit and select the highest or otherwise best offer for the sale of substantially all of the Debtors’ assets, other than the assets of Columbus Holdings and Columbus Steel Castings Company….Pursuant to the Bidding Procedures, the Debtors may designate one or more purchase agreements, subject to higher or otherwise better offers at the Auction; with any of the potential bidders.”

Court-filed documents continue, “Stalking Horse Purchaser is CE Star Holdings….Cash Consideration is an amount equal to: (i) the Seller Retained Professional Fees, plus (ii) the Seller Retained Third Party Professional Fees, plus (iii) the Estimated Wind Down Expenses, plus (iv) all Liabilities under the DIP Credit Agreement with respect to, and solely with respect to, the DIP PNC Obligations outstanding on the Closing Date, plus (v) to the extent outstanding and not included under clause (iv), all Liabilities under the Prepetition PNC Credit Agreement outstanding on the Closing Date; (b) the assumption by Buyer or any of the applicable Buyer Designees of the Assumed Liabilities from Sellers; and (c) the release of Sellers and any guarantors under the Indenture of all or a portion (as determined by Buyer) of the Liabilities arising under, or otherwise relating to the Indenture in an aggregate amount equal to $60,000,000 under Section 363(k) of the Bankruptcy Code. An Expense Reimbursement of up to an aggregate maximum amount of up to $250,000.”

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The post Constellation Enterprises Stalking Horse Bidder Designated appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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