Open Road Films bid procedures approved; auction to be held Nov. 7

By Caroline Salls

Pittsburgh, Oct. 9 – Open Road Films, LLC received court approval of the bid procedures for the sale of substantially all of its assets, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

Under the bid procedures, bids are due by 5 p.m. ET on Nov. 2.

All bids must be accompanied by a deposit equal to 10% of the proposed purchase price and must include a commitment to close the sale by Nov. 16.

If Open Road selects a stalking horse bid, it will notify all interested parties within two days of the selection and ask the court to approve the stalking horse agreement and any related bid protections.

An auction will be held on Nov. 7, if necessary. Bids at auction must be made in minimum increments of $1 million.

The sale hearing is scheduled for Nov. 9.

Open Road is a Los Angeles-based film operation. The company filed bankruptcy on Sept. 6 under Chapter 11 case number 18-12012.

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