Delivery Agent debtors request approval to sell Clean Fun business

By Caroline Salls

Pittsburgh, Sept. 27 – Delivery Agent, Inc. and its Clean Fun Promotional Marketing, Inc. debtor requested court approval to sell the Clean Fun business to HALO Branded Solutions, Inc., according to a motion filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

The Delivery Agent debtors said the Clean Fun business would have been discontinued if it was not sold before the closing of the primary sale of the company’s other assets.

Stalking horse bidder HALO agreed to a purchase price under which it will assume liabilities related to the Clean Fun business and pay $1 million in cash, plus the value at closing of uncollected accounts, pre-paid petition commission amounts and an identified orders payment amount.

If HALO is not the high bidder for the Clean Fun business, Delivery Agent will pay it a $250,000 break-up fee.

Competing bids are due by 3 p.m. ET on Oct. 7.

An auction will be held on Oct. 10, if necessary. Bids at auction must be made in minimum increments of $100,000.

The sale hearing is scheduled for Oct. 11.

Delivery Agent is a San Francisco-based entertainment content solutions company. The company filed bankruptcy on Sept. 15 under Chapter 11 case number 16-12051.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.