Videology wins approval of bid procedures; auction set for July 13

By Caroline Salls

Pittsburgh, June 5 – Videology, Inc. received court approval of the bid procedures for the proposed sale of substantially all of its assets, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

Amobee, Inc. is the stalking horse bidder. Its bid includes a $45 million cash component, minus the amount by which accounts receivable assigned to the stalking horse bidder is less than $37 million, minus the amount of a $2.25 million deposit.

Amobee has also agreed to assume liabilities related to the assets.

If Amobee is not the high bidder, Videology will pay it a $1.1 million break-up fee and reimburse up to $600,000 of its expenses.

Competing bids are due by 5 p.m. ET on July 11 and must exceed the stalking hose bid by at least $1.95 million.

An auction will be held on July 13, if necessary. Bids at auction must be made in minimum increments of $100,000.

The sale hearing is scheduled for July 17.

New York-based Videology is a software provider for converged TV and video advertising. The company filed bankruptcy on May 10 under Chapter 11 case number 18-11120.

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