hhgregg secures approval of bid procedures; auction set for April 10

By Caroline Salls

Pittsburgh, March 30 – hhgregg, Inc. received court approval of the bidding procedures for the sale of the company’s assets, according to an order filed March 30 with the U.S. Bankruptcy Court for the Southern District of Indiana.

The stalking horse bid deadline was March 29. All other bids are due by 5 p.m. ET on April 7.

An auction will be held on April 10, if necessary. The sale hearing is scheduled for April 12.

As previously reported, hhgregg said that Stifel, Nicolaus & Co., Inc., the investment banker it hired on Feb. 11, has contacted 73 potential buyers, including both potential financial and strategic purchasers.

Of these, 47 participated in high-level discussions and 31 negotiated confidentiality agreements.

Stifel is continuing to market the assets, the company said.

hhgregg, which filed for Chapter 11 on March 6, is an Indianapolis-based specialty retailer of consumer electronics and home appliances. The Chapter 11 case number is 17-01302.

© 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.