Advertisement

hhgregg Bankruptcy Bid Procedures Detailed

Advertisement

hhgregg filed with the U.S. Bankruptcy Court a motion for an order (a)(i) scheduling a bid procedures hearing; (ii) authorizing and approving bid procedures; (iii) approving notice procedures and (iv) scheduling a sale hearing and (b)(i) authorizing the sale of the Debtors’ class action assets free and clear of all claims, liens, rights, interests and encumbrances and (ii) approving the successful bidder purchase agreement.

The motion explains, “Despite the best efforts of the Debtors and their professionals, the Debtors were unable to obtain a buyer for their business as a going concern. Accordingly, the Debtors determined that the best way to continue maximizing value for the benefit of all interested parties was to conduct an orderly wind-down of their business operations. On April 8, 2017, the Debtors began liquidating the assets at their remaining stores through store closing sales (the ‘Phase II Store Closing Sales’). As of the date of this Motion, the Debtors have completed both the Phase I Store Closing Sales and the Phase II Store Closing Sales. 10. Among the Debtors’ remaining assets is their interest in the Class Action Assets.”

The motion proposes the following general timeline: June 27, 2017 bid procedure hearing; July 21, 2017 bid deadline and July 26, 2017 sale hearing.

Read more hhgregg retail bankruptcy news.