| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers B > Headlines for Bowe Bell + Howell > News item |
Bowe Bell + Howell bid procedures for sale of assets to Versa OK'd
By Lisa Kerner
Charlotte, N.C., May 12 - Bowe Bell + Howell's bid procedures for the sale of substantially all of its assets to Versa Capital Management, Inc. and co-investment partner Access Value Investors, Inc. were approved, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.
As previously reported, Versa holds a majority of the company's outstanding secured debt, which will be resolved through the sale. The stalking horse bidder's credit bid will equal an $80 million U.S. bid amount and a C$302,000 Canadian cash bid amount.
Bowe Bell + Howell said in a prior news release that it expected the expedited sale process to be completed within 90 days or less.
Competing bids will be due by 5 p.m. ET on May 26 and must include a $5 million deposit.
Qualified competing bids must be at least equal to the credit bid and related cure amounts, the amount of a $1.75 million expense reimbursement and $1.5 million breakup fee to be paid to the stalking horse bidder if it is not the high bidder at auction and $250,000 in cash.
The auction will be held on May 31, if necessary.
The sale hearing will be held on June 2.
U.S. Trustee for Region 3 Roberta A. DeAngelis had filed an objection to the debtors' motion establishing bid and auction procedures on May 3.
DeAngelis objected to the payment of a $1.5 million breakup fee and an expense reimbursement of up to $1.75 million, if Versa is outbid at the auction.
Bowe Bell + Howell, a Wheeling, Ill., provider of high-performance document management services, filed for bankruptcy on April 18. The Chapter 11 case number is 11-11187.
© 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.