Open Range Communications looks to hold January auction for assets

By Caroline Salls

Pittsburgh, Dec. 9 - Open Range Communications Inc. requested court approval to conduct an auction on Jan. 11 and Jan. 12 for its assets, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, the company's stalking horse bidder withdrew its offer for substantially all of Open Range's assets about an hour before the sale hearing was scheduled to begin in November.

Open Range said it has received more than 100 low-dollar offers and inquiries for all or small portions of its assets, but potential buyers have been reluctant to proceed because the fair-market value of the assets is unclear.

As a result, the company said holding the auction will be the best way to realize fair-market value for the assets, according to court documents.

A hearing is scheduled for Dec. 22.

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

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