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Violin Memory Bid Procedures Approved

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The U.S. Bankruptcy Court approved Violin Memory’s motion for entry of (i) an order approving bidding procedures for the sale of substantially all of the Debtor’s assets, approving procedures for the assumption and assignment of executory contracts or unexpired leases in connection with the sale, scheduling a sale hearing and (ii) an order approving the sale of the Debtor’s assets and approving the assumption and assignment of certain executory contracts and unexpired leases.

As previously reported, “Despite…extensive marketing efforts, as of the date hereof, the Debtor has not identified an initial or ‘stalking horse’ bidder for its assets….The Debtor proposes that the hearing to approve the Bidding Procedures be held, subject to the Court’s calendar, on or before January 6, 2017….The bid deadline be set 7 days later on or before January 13, 2017…that the auction of the Debtor’s assets…if required, be scheduled 2 business days later on or before January 17, 2017; that the Court hold a hearing to approve the sale 3 business days later on or before January 20, 2017; and that such sale close on or before January 23, 2017.”

Court-filed documents further note, “If the sale does not proceed to close within the identified timeline, the Debtor will not have sufficient cash to complete the process, and may be forced to convert or dismiss this case, to the severe detriment of its estate and creditors….Accordingly, the Debtor requests authority, in the exercise of its sound business judgment and in consultation with any official committee appointed in this case, to provide a break-up fee in an amount not to exceed 3% of the total guaranteed cash or cash-equivalent price plus reimbursement of reasonable and documented expenses, subject to a monetary cap not to exceed 2% of the total guaranteed cash or cash-equivalent price offered.”

Read more Violin Memory bankruptcy news.

The post Violin Memory Bid Procedures Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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