Vertis asks court to approve $1.25 million sale of Stevensville assets

By Lisa Kerner

Charlotte, N.C., Dec. 16 - Vertis Holdings, Inc. asked the court to approve the sale of its Stevensville, Ont., assets to stalking horse bidder ACG and 2030247 Ontario, Inc. for $1.25 million, according to a Monday filing with the U.S. Bankruptcy Court for the District of Delaware.

A hearing on the bid procedures is set for Jan. 9.

Qualified bids will be accepted until 4 p.m. ET on Jan. 30.

If one or more qualified bids are received by the bid deadline, an auction will be held at 10 a.m. ET on Feb. 4.

If necessary, the sale hearing will be held at 10 a.m. ET on Feb. 11.

The stalking horse bidder has placed a 10% deposit in escrow for the sale.

Vertis, a Baltimore-based marketing communications company, filed for bankruptcy on Oct. 10, 2012. Its Chapter 11 case number is 12-12821.

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