Hampshire Group filed with the U.S. Bankruptcy Court a motion for the sale of property free and clear of liens and for entry of orders (i) (a) approving bid procedures for the Debtors’ James Campbell assets; (b) approving notice procedures for the solicitation of bids, an auction and the assumption and assignment of any executory contracts and unexpired leases in connection therewith; (c) scheduling an auction for the sale and (ii) approving the sale of the James Campbell assets.
The motion explains, “Debtor HGL, as buyer, and Maverick J and Maverick J, SPE, as sellers, entered into an Installment Purchase and Sale Agreement in connection with HGL’s purchase of assets relating to the James Campbell Brand. The Installment Purchase and Sale Agreement called for installment payments aggregating $1,250,000, plus the assumption of certain liabilities, plus the payment of Excess Payments equal to 5% of annual Net Sales in excess of $5,000,000 commencing on December 31, 2013 and ending on December 31, 2018, until such time when Maverick J has received an aggregate of $2,500,000 in purchase price, at which time, the percentage of Net Sales to be paid on Excess Payments shall be reduced to 2.5%. Once HGL had paid an aggregate of $1,250,000 in purchase consideration, title to the James Campbell Brand was to be conveyed to HGL.”
In addition, “All interested bidders will be required to submit a deposit in the amount of $75,000 in connection with their bids. Initial Bids must be received by the Bid Deadline of January 6, 2017. If more than one Qualified Bid is received by the proposed January 6, 2017 Bid Deadline, the Debtors currently propose to hold an auction of the James Campbell Assets on or about January 9, 2017.”
Read more bankruptcy news.
The post Hampshire Group Sale Approval Sought appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.