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Prima Wawona gets approval of bid procedures; auction set for Dec. 4
By Sarah Lizee
Olympia, Wash., Nov. 17 – MVK FarmCo LLC, which does business as Prima Wawona, received approval of bid procedures for its assets on Friday from the U.S. Bankruptcy Court for the District of Delaware, according to an order.
As previously reported, in connection with an agreement reached among the company’s lenders, Prima Wawona is proceeding with a transaction that will involve either the conversion of existing lender debt into equity ownership of the business or allow for a sale transaction to a third-party buyer.
The opening bid for the company’s collective assets has been set at $275 million.
Under the bid procedures, a stalking horse bidder must be designated by Nov. 21, the bid deadline is 5 p.m. ET on Nov. 28, an auction will take place on Dec. 4, and a sale hearing will take place on Dec. 8.
Bid protections for any stalking horse would include an up to 3% breakup fee.
Prima Wawona is a Fresno, Calif.-based producer of stone fruit. The company filed bankruptcy on Oct. 13 under Chapter 11 case number 23-11721.
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