MobiTV seeks court approval of bid procedures for sale of all assets

By Sarah Lizee

Olympia, Wash., March 8 – MobiTV, Inc. is seeking court approval of the bid procedures for the sale of substantially all of its assets, according to a motion filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

The company is also seeking court approval to choose a stalking horse bidder for the assets, with the consent of the company’s secured lenders.

Under the proposed bid procedures, the company would have until April 12 to pick a stalking horse bidder, and a hearing on any stalking horse bid and related bid protections would be held on April 21.

The bid deadline would be 4 p.m. ET on April 23, an auction, if needed, would be held on April 29, and a sale hearing would be held on May 12.

The initial overbid amount is $500,000, with increments of $250,000 thereafter.

A hearing on approval of the bid procedures is scheduled for March 30.

MobiTV is an Emeryville, Calif.-based provider of live and on-demand video delivery solutions. The company filed bankruptcy on March 1 under Chapter 11 case number 21-10457.

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