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BioNitrogen Holdings Bankruptcy Sale Approved

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The U.S. Bankruptcy Court approved the motion of BioNitrogen Holdings’ Debtor affiliate 4A Technologies for an order authorizing the sale of substantially all of its assets, free and clear of liens, claims, encumbrances and other interests; approving the purchase agreement for such sale and granting the purchaser the protections afforded to a good faith purchaser.

The purchase price is an amount equal to the buyer’s claim against the Debtors, which is estimated at $1.78 million.

As previously reported, “The Debtors commenced these Chapter 11 Cases to stay Annon from enforcing a Final Default Judgment it had obtained against the Debtors. Before the Petition Date, Annon provided a loan to the Debtors and obtained a Final Default Judgment against the Debtors in connection with that loan, all as set forth in Annon’s Proof of Claim 13-1 (the ‘Claim’).”

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