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ScripsAmerica Bid Procedures Approval Sought

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ScripsAmerica filed with the U.S. Bankruptcy Court a motion for an order (a) approving certain bid procedures in connection with the Debtor’s sale of certain of its assets, approving the form of the asset purchase agreement in connection with the sale,  scheduling an auction in connection therewith and the hearing to consider approval of the sale and (b) authorizing the sale pursuant to a fully-executed asset purchase agreement, free and clear of any and all liens, claims, encumbrances and other interests, to the party submitting the highest and best offer at the auction.

The motion notes, “By this Motion, the Debtor seeks entry of an order (a) approving (i) the Bid Procedures and the notice of the Auction and Sale Hearing; approving the form of Asset Purchase Agreement; establishing January 19, 20173 at 5:00 p.m. (Eastern Time) as the deadline for the submission of bids (the ‘Bid Deadline’); scheduling the Auction, if necessary, for January 24, 2017 at 11:00 A.M. (Eastern Time); and scheduling the Sale Hearing for January 25, 2017 at 2:00 P.M. (Eastern Time) to consider the sale of the Acquired Assets to the Successful Bidder….The Debtor proposes that the deadline for objecting to approval of the Sale shall be January 18, 2017 at 4:00 p.m. (Eastern Time) (the ‘Sale Objection Deadline’).”

The motion continues, “The minimum deposit is an amount which is the greater of (i) $100,000 or (ii) 10% of the Bid….While there is no ‘stalking horse’ bidder sought to be approved via this Motion, the Debtor is seeking the right to designate a ‘stalking horse’ bidder on or before January 4, 2017….The aggregate consideration for minimum overbid must be equal or exceed the sum of the Baseline Bid (the highest and best bid received by the Bid Deadline, as determined by the Debtor) plus $25,000. Any Overbid after the Baseline Bid shall be made in increments of at least $25,000….If the Auction is conducted, the Back-up Bidder shall keep the Back-up Bid open and irrevocable until 5:00 p.m. (ET) on the 5th business day following the Closing of the Sale with the Successful Bidder.”

The Court scheduled a November 3, 2016 hearing, with objections due by October 24, 2016.

Read more ScripsAmerica bankruptcy news.

The post ScripsAmerica Bid Procedures Approval Sought appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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