Renovate America gets approval of bid procedures for Benji assets

By Sarah Lizee

Olympia, Wash., Jan. 11 – Renovate America, Inc.’s bid procedures for its Benji assets were approved by the U.S. Bankruptcy Court for the District of Delaware on Friday, according to an order.

As previously reported, the debtors entered into the asset purchase agreement with debtor-in-possession lender Finance of America Mortgage LLC as stalking horse bidder.

The purchase price under the stalking horse agreement is equal to $5 million, plus assumed liabilities, plus the aggregate purchase price for the loans to be purchased by Finance of America from Renovate, plus the contract prepayment amount.

The agreement provides for a break-up fee of $400,000 and an up to $250,000 expense reimbursement.

Bids are due by 8 p.m. ET on Feb. 23, an auction will be held on Feb. 26, if needed, and a sale hearing would take place on March 2.

Renovate America is a San Diego-based provider of financing solutions for environmentally friendly home improvement projects. The company filed bankruptcy on Dec. 21 under Chapter 11 case number 20-13172.

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