Open Range secures $2 million stalking horse bid from totheHome.com

By Caroline Salls

Pittsburgh, Oct. 28 - Open Range Communications Inc. requested court approval of the bidding procedures for the proposed $2 million sale of substantially all of its assets, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

The stalking horse bidder is totheHome.com, LLC.

As previously reported, Open Range said earlier this month that it would market its assets during the first 30 days of its bankruptcy case. If the sale process is not successful, Open Range said it would immediately shut down its network and start to wind down its operations.

Under the proposed sale timeline, the bid procedures hearing is scheduled for Nov. 2, bids are due by Nov. 11 and the auction will be held on Nov. 14. The sale hearing is set for Nov. 15 with a goal of receiving court approval by Nov. 17.

According to the bid procedures motion, totheHome.com will pay up to $350,000 per week for the continued operation of customer service operations from Nov. 8 until completion of the sale.

If totheHome.com is not the high bidder, Open Range will pay it a break-up fee of 4% of the purchase price and reimburse up to $170,000 of its sale-related expenses.

Open Range Communications is a broadband company based in Greenwood Village, Colo. The company filed for bankruptcy on Oct. 6. Its Chapter 11 case number is 11-13188.

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