Eye Care Leaders seeks approval to push back bid deadline

By Sarah Lizee

Olympia, Wash., April 24 – Eye Care Leaders Portfolio Holdings, LLC is seeking approval to extend the bid deadline for its assets to April 29 from April 25, according to a motion filed Tuesday with the U.S. Bankruptcy Court for the Northern District of Texas.

As previously reported, the company recently designated Create Capital Special Situations Fund, LLC as the stalking horse bidder for its assets. The proposed purchase price is $11 million plus assumed liabilities and cure costs.

The company said that since the court will hold a hearing on approval of the proposed bid protections to Create Capital on April 25, the debtors believe that it is in the best interests of their estates to extend the bid deadline.

As reported, Eye Care Leaders is seeking a transaction incorporating a sale of all or a portion of the debtors’ assets or a going-concern sale, or a restructuring transaction under a confirmed Chapter 11 plan.

The company sought approval to choose one or more stalking horse bidders for the assets. Bid protections, if approved, would include a 3% breakup fee.

Eye Care Leaders is a Durham, N.C.-based practice management software provider for eye doctors. The company filed bankruptcy on Jan. 16 under Chapter 11 case number 24-80001.

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