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hhgregg Bid Procedures Approval Sought

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hhgregg filed with the U.S. Bankruptcy Court a motion for an order (a) scheduling a bid procedure hearing, authorizing and approving bid procedures, approving notice procedures, scheduling a sale hearing, approving procedures for assumption and assignment and determining cure amounts and (b) authorizing the sale of substantially all of the Debtors’ assets free and clear of all claims, liens, rights, interests and encumbrances and approving the successful bidder purchase agreement.

The motion explains, “The Debtors are working toward entering into a stalking horse agreement, pursuant to which the stalking horse bidder will agree to acquire substantially all of the Debtors’ assets as a going concern (other than store assets currently being liquidated), subject to the terms and conditions contained therein. With a committed buyer and the substantial reduction in secured debt achieved by the Sale, and the rejection of underperforming store leases, the Debtors will continue to operate their core businesses for years to come for the benefit of their loyal customers, landlords, employees and suppliers.”

The deadline to submit qualified competing bids is April 21, 2017; and an auction, if necessary, would be conducted on April 24, 2017, followed by a sale hearing on April 25, 2017.

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