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Life Settlements sets procedures for $5.65 million company asset sale
By Caroline Salls
Pittsburgh, Jan. 31 – Life Settlements Absolute Return I, LLC requested court approval of the bid procedures for the proposed $5.65 million sale of substantially all of its assets, according to a motion filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.
BCPC Life Settlement LLC has agreed to serve as stalking horse bidder.
A hearing on approval of the bid procedures is scheduled for Feb. 19. Under a timeline proposed by Life Settlements, competing bids would be due 45 days after entry of the bid procedures order, an auction would be held three days after the bid deadline, if necessary, and the sale hearing would be held three business days after the auction.
If BCPC is not the high bidder for the assets, Life Settlements will pay it a 3.5% break-up fee and reimburse up to $350,000 of its sale-related expenses.
Initial competing bids must exceed the stalking horse purchase price by at least $547,750, and subsequent bids must be in minimum increments of $200,000.
Life Settlements is a Greenville, S.C.-based insurance company. The company filed bankruptcy on Dec. 29, 2017 under Chapter 11 case number 17-13030.
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