ClearEdge Power sets procedures for sale of substantially all assets

By Caroline Salls

Pittsburgh, May 16 - ClearEdge Power, Inc. requested court approval of the bid procedures for the proposed sale of substantially all of its assets, according to a Thursday filing with the U.S. Bankruptcy Court for the Northern District of California.

The company requested that the bid deadline be set for 7 p.m. ET on June 25 and the sale hearing for July 7.

ClearEdge said it would designate any stalking horse bidder immediately after the bid deadline. The company would pay any stalking horse bidder a $250,000 break-up fee if it is not ultimately the high bidder.

Competing bids must be at least equal to the starting purchase price or stalking horse bid amount, plus the amount of the break-up fee and a $500,000 overbid.

Subsequent bids must be made in minimum increments of $250,000.

All bids must be accompanied by a $250,000 deposit.

A hearing on the bid procedures is scheduled for June 5.

ClearEdge, a Sunnyvale, Calif.-based designer, manufacturer and seller of generation fuel cell systems, filed bankruptcy on May 1. Its Chapter 11 case number is 14-51955.

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