Quirky granted approval of bid procedures for $15 million Wink sale

By Caroline Salls

Pittsburgh, Oct. 9 – Quirky, Inc. received court approval of the bid procedures for the proposed $15 million sale of its Wink business, according to an order filed Friday with the U.S. Bankruptcy Court for the Southern District of New York.

As previously reported, an affiliate or designee of Flextronics Sales and Marketing (A-P) Ltd. will serve as stalking horse bidder for the Wink business assets.

If the stalking horse bidder is not ultimately the high bidder for the Wink assets, it will receive a $450,000 break-up fee and reimbursement of up to $200,000 of its sale-related expenses.

Competing bids for the Wink business are due by noon ET on Oct. 29 and must at least equal the amount of the stalking horse bid, the bid protections and a $150,000 minimum overbid.

The auction will be held on Nov. 2, and the sale hearing is scheduled for Nov. 6.

Quirky, a New York-based invention startup company, filed bankruptcy on Sept. 22. The Chapter 11 case number is 15-12596.

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