GigaMonster takes in $26.6 million winning bid for assets

By Sarah Lizee

Olympia, Wash., March 1 – GigaMonster Networks, LLC named the winning and backup bids for its assets in a notice filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

Three qualified bidders participated in the Tuesday auction.

The debtors named SkyWire Holdings, Inc. the winning bidder, which offered a purchase price of $26.6 million.

The backup bidders are Bel Air Internet LLC and Everywhere Wireless, LLC, entities affiliated with debtor-in-possession lender M/C Partners VIII, LP. The entities had acted as stalking horse bidder for the assets, initially offering to purchase them for $14 million.

The bid protections under the stalking horse agreement include a $390,000 breakup fee and an up to $390,000 expense reimbursement.

A sale hearing was scheduled for Thursday.

The assets that aren’t part of the stalking horse agreement are also up for sale.

The Marietta, Ga.-based internet provider filed bankruptcy on Jan. 16 under Chapter 11 case number 23-10051.

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