Vertis: Court approves bidding procedures for Stevensville asset sale

By Caroline Salls

Pittsburgh, Jan. 2 - Vertis Holdings, Inc. received court approval of the bid procedures for the proposed $1.25 million sale of its Stevensville, Ont., assets to stalking horse bidder ACG and 2030247 Ontario, Inc., according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

Qualified bids will be accepted until 4 p.m. ET on Jan. 30. Competing bids must exceed the purchase price by at least $50,000, plus payment of a $12,500 stalking horse bidder expense reimbursement.

If one or more qualified bids are received by the bid deadline, an auction will be held on Feb. 4. Bids must be made in minimum increments of $25,000.

The sale hearing will be held 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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