LVI Intermediate wins approval of $35 million private sale of assets

By Caroline Salls

Pittsburgh, July 29 – LVI Intermediate Holdings, Inc. obtained court approval of 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.

Kismet New Vision Holdings, LLC has agreed to pay $35 million for the assets.

The company initially sought approval to sell its assets through a court-supervised auction process. However, said in a notice filed July 14 that it had decided to proceed with a private sale to Kismet.

The company said this decision was made “after extensive negotiations with the proposed purchaser resulting in concessions and a materially improved bid from the proposed stalking horse bid, including an increase in purchase price and deposit, and modifications to the liquidated damages provisions, in exchange for cancellation of the auction and presenting the proposed purchase agreement with the proposed purchaser at the sale hearing via a private sale.”

LVI is a West Palm Beach, Fla., Lasik and laser eye surgery provider. The company filed bankruptcy on May 29 under Chapter 11 case number 20-11413.

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