| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers I > Headlines for International Media Group, Inc. > News item |
International Media Group gets court approval for bid procedures
By Jim Witters
Wilmington, Del., Feb. 14 - International Media Group, Inc. received court approval on Feb. 14 for bid procedures for the sale of the business as a going concern.
Judge Mary F. Walrath also granted final approval for the debtors' use of cash collateral during a hearing in the U.S. Bankruptcy Court for the District of Delaware.
The cash collateral use would terminate on the earlier of the closing of the sale of substantially all of the company's assets, subject to a wind-down budget, and conversion of the Chapter 11 case to Chapter 7.
Sale procedures
Houlihan Lokey Capital, Inc. has been marketing International Media's television station assets and has received non-disclosure agreements from 21 interested parties.
A $45 million credit bid from NRJ TV LA OpCo, LLC, NRJ TV LA License Co., LLC, NRJ TV Hawaii OpCo, LLC and NRJ TV Hawaii License Co. is the stalking horse bid. NRJ TV II LLC is the successor-in-interest to the original lenders under the company's pre-bankruptcy first-lien credit agreement.
Under the bid procedures approved Feb. 14, competing bids must be in cash and equal to the stalking horse bid's initial purchase price plus $500,000.
Subsequent bids at auction must be made in minimum increments of $500,000 in cash, cash equivalents or stalking horse bidder credit bid.
The bids may not seek a breakup fee, expense reimbursements or a termination fee. The stalking horse bidder is not seeking such protections, according to the debtors' attorney, William E. Chipman, Jr.
Bids are due March 19. An auction, if needed, is scheduled for March 22. The sale hearing is scheduled for 9:30 a.m. ET on March 23.
International Media Group, based in Los Angeles, is an AsianMedia subsidiary that owns and operates multi-lingual television stations. The company filed its Chapter 11 case on Jan. 9 with the U.S. Bankruptcy Court for the District of Delaware. The case number is 12-10140.
© 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.