| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers F > Headlines for FiberTower Corp. > News item |
FiberTower seeks OK of bid procedures in $22.5 million asset sale
By Jim Witters
Wilmington, Del., Sept. 28 - FiberTower Corp. is seeking approval of bid procedures and bid protections in connection with the planned sale of certain assets to ICB Networks Texas, LLC and ICB Networks Washington, LLC for $22.5 million, according to documents filed Sept. 28 with the U.S. Bankruptcy Court for the Northern District of Texas.
The ICB companies are affiliates of Bordercomm Partners.
The parties entered into an asset purchase agreement on Sept. 24.
Terms of sale
The asset purchase agreement calls for the ICB entities to acquire substantially all of the debtors' assets used in connection with its business in Texas, including the Dallas, Waco, Houston, Austin and San Antonio markets and the Washington, D.C., market.
A purchase price adjustment formula, based on annualized EBITDA and early termination liabilities, places the estimated adjusted purchase price at $18 million as of Sept. 28.
If the ICB companies are not the successful bidders at auction, they will receive a $675,000 stalking horse fee.
Bidding procedures
The minimum overbid is $23,175,000.
Bidding at auction will be in increments of at least $50,000.
The debtors will determine the bid deadline and auction date at the hearing to approve the procedures.
Those dates will be scheduled based on the date set by the court for the sale hearing. The auction will be no later than Nov. 20.
No hearing has been scheduled to consider the sale procedures.
San Francisco-based FiberTower is a backhaul and access services provider focused primarily on the wireless carrier market. The Chapter 11 case number is 12-44027.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.