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Cosi Winning Bidder Announced, Auction Cancelled

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Cosi filed with the U.S. Bankruptcy Court a notice of (i) winning bidder and (ii) cancellation of auction.

Court-filed documents note, “Pursuant to the Bidding Procedures Order, the deadline for the submission of Qualified Bids in connection with the Auction expired on November 28, 2016 at 5:00 p.m. prevailing Eastern Time (the ‘Bid Deadline’). The Debtors received no bids prior to the Bid Deadline and no party requested an extension of the Bid Deadline. In light of the foregoing, the auction scheduled for November 30, 2016 (the ‘Auction’) is cancelled and LIMAB, LLC is deemed the Winning Bidder….A hearing on objections and the Sale Motion is scheduled to take place on December 8, 2016.”

Winning bidder LIMAB is comprised of the Company’s senior secured lenders: AB Opportunity Fund, AB Value Partners and one or more entities affiliated with Milfam II.

Read more Cosi bankruptcy news.

The post Cosi Winning Bidder Announced, Auction Cancelled appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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