DeCurtis Holdings sets bid procedures for sale of its assets

By Sarah Lizee

Olympia, Wash., May 4 – DeCurtis Holdings LLC is seeking court approval of bid procedures for the sale of its assets, according to a motion filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

The company has lined up a stalking horse credit bid agreement with its first-lien lenders, including Invictus Global Management, LLC as agent.

Under the bid procedures, competing bids must include and identify a cash component sufficient to pay the credit bid amount, as well as the stalking horse bid protections and the incremental overbid (i.e., an amount no less than $43.25 million, or $24 million if the subject bid does not provide for the purchase of the DXP assets).

Under the proposed bid procedures, the bid deadline is 10 a.m. ET on June 9, an auction is scheduled for June 12, and a sale hearing will take place on June 14.

The company is hoping to close the sale by June 29.

Orlando, Fla.- based DeCurtis provides guest experience and operational management product-focused SaaS software solutions. The company filed bankruptcy on April 30 under Chapter 11 case number 23-10548.

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