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

By Sarah Lizee

Olympia, Wash., April 8 – MobiTV, Inc. secured court approval of the bid procedures for the sale of substantially all of its assets, according to an order filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

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

Under the bid procedures, the company has until April 26 to pick a stalking horse bidder, and a hearing on any stalking horse bid and related bid protections will be held on May 5.

The bid deadline is 4 p.m. ET on May 7, an auction, if needed, will be held on May 11, and a sale hearing will be held on May 21.

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

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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