Vesta Holdings gets court approval of bid procedures for assets

By Sarah Lizee

Olympia, Wash., Dec. 7 – Vesta Holdings, LLC received approval of the bid procedures for its assets, according to an order filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

SRA Holdings, LLC, an affiliate of some of the company’s prepetition lenders, is acting as stalking horse bidder for the assets. The purchase price under the deal is comprised of a $125 million credit bid.

The expense reimbursement under the stalking horse agreement is capped at $1.5 million.

Under the bid procedures, the bid deadline is 4 p.m. ET on Jan. 4, and an auction, if needed, will be held on Jan. 12. A sale hearing is scheduled for Jan. 18.

The initial overbid has been set at $2.5 million.

The Montgomeryville, Pa.-based wealth advisory, risk management services and insurance brokerage services company filed bankruptcy on Oct. 30 under Chapter 11 case number 22-11019.

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