Axium secures approval of bid procedures for $2.5 million asset sale

By Caroline Salls

Pittsburgh, Jan. 30 - Axium International, Inc.'s Chapter 7 trustee received court approval of the procedures for the proposed $2.5 million sale of substantially all of the company's assets, according to a Wednesday filing with the U.S. Bankruptcy Court for the Central District of California.

Max Services, LLC is the stalking horse bidder.

Competing bids are due at 3 p.m. ET on Jan. 31, and all bids must include a $125,000 deposit.

If Max Services is not the high bidder, Axium will pay it a $37,500 break-up fee, plus up to $100,000 for sale-related expenses.

Initial overbids must be for at least $187,500 more than Max Services' bid, which includes a $50,000 overbid and the amount of the proposed break-up fee and expense reimbursement.

Subsequent bids must be for at least $25,000 more than the previous bid.

Axium, a Los Angeles-based provider of payroll and human resources services, filed for bankruptcy on Jan. 8. Its Chapter 7 case number is 08-10277.

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