DeCurtis Holdings secures court approval of bid procedures for assets

By Sarah Lizee

Olympia, Wash., Aug. 2 – DeCurtis Holdings LLC received court approval of bid procedures for the sale of its assets, according to an order filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, the company has lined up a stalking horse credit bid agreement with prepetition and debtor-in-possession lender Invictus Global Management, LLC.

Carnival Corp. had moved to block Invictus from being able to credit bid. As background, DeCurtis has been litigating against cruise operator Carnival, one of its prior clients, since April 2020.

The court said Wednesday that there is sound business justification for the debtors to designate Invictus as stalking horse bidder.

However, the court set the bid deadline for 10 days after it resolves a complaint filed by Carnival against DeCurtis, the right for Invictus to credit bid, and whether any of the proposed property to be sold constitutes Carnival’s property.

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).

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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