Open Road Films gets court approval to sell substantially all assets

By Caroline Salls

Pittsburgh, Dec. 19 – Open Road Films, LLC received court approval to sell substantially all of its assets to OR Acquisition Co., LLC, according to an order filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

OR Acquisition has agreed to pay a base purchase price of $87.5 million, less net library cash flow, plus the assumption of liabilities at closing, less a cure reduction amount and transaction costs.

As previously reported, the company said it did not receive any qualified bids, other than the one submitted by stalking horse bidder OR Acquisition, before the Nov. 2 bid deadline.

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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