Interliant's assets purchased by Navisite for $7 million

By Carlise Newman

Chicago, May 20 - Interliant Inc. said it closed on the sale of substantially all its assets to a subsidiary of NaviSite, Inc. in a bankruptcy auction for $7 million. The remaining assets will be distributed to unsecured creditors.

Under the terms approved by the bankruptcy court, NaviSite has acquired the assets and assumed some liabilities of Interliant. NaviSite paid $7 million in cash, credits, and short-term notes, and assumed $5.7 million of Interliant's liabilities.

Under the terms of the asset purchase agreement, a final purchase price adjustment will be made within 30 days of closing.

Within the next several weeks, Interliant, a managed infrastructure provider, will file a plan of liquidation in which it will distribute all of its remaining assets to its unsecured creditors, including net proceeds from this sale. There will be no distributions to shareholders.

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