EYP Group names stalking horse winner for assets, cancels auction

By Sarah Lizee

Olympia, Wash., June 7 – EYP Group Holdings, Inc. canceled an auction for its assets after receiving no other qualified bids, according to a notice filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

The company said it will seek court approval to sell the assets to the stalking horse bidder, which is senior secured lender Ault Alliance, Inc., a private equity firm owned by BitNile Holdings, Inc., formerly known as Ault Global Holdings, Inc.

The purchase price under the stalking horse agreement is $67.7 million, which consists of a credit bid of up to $11.75 million, consisting of the amount under the company’s $5 million debtor-in-possession facility and the full amount of the debt owed under the company’s senior secured facility, with the remainder of the consideration consisting of cash and assumed liabilities.

The sale hearing is scheduled for June 22.

Albany, N.Y.-based EYP is an integrated design firm specializing in higher education, health care, government and science & technology. It filed bankruptcy on April 24 under Chapter 11 case number 22-10367.

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