Wickes sets asset sale bid procedures

By Caroline Salls

Pittsburgh, Feb. 6 - Wickes Holdings, LLC requested court approval of the bid procedures for the proposed sale of substantially all of its assets, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

Wickes said it will solicit offers for a sale of the company's inventory through going-out-of-business or store liquidation sales, the sale of some or all of its assets as a going concern and a sale of miscellaneous assets, including intellectual property, property leases and designation rights.

The company said it plans to select one or more stalking horse bidders.

Bids will be due Feb. 22 and must include a 10% deposit.

The company will select baseline bids as soon as possible after the bidding deadline. Subsequent bids at auction must be for at least $100,000 more than the previous bid.

After the respective auctions are held, the company said it will consult with its lenders and official committee of unsecured creditors to decide whether to proceed with one option or a combination of the options.

Wickes will then schedule a final auction based on that decision.

If the stalking horse bidder is not the high bidder at auction, Wickes will pay it a break-up fee of 3% of the proposed purchase price.

The auction is scheduled for Feb. 25, and the sale hearing will be held Feb. 28.

A hearing on approval of the bid procedures is scheduled for Feb. 19.

Wickes, a Wheeling, Ill., furniture retailer, filed for bankruptcy on Feb. 3. Its Chapter 11 case number is 08-10212.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.