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hhgregg Bankruptcy Bid Procedures Approved

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The U.S. Bankruptcy Court approved hhgregg’s motion for an authorizing and approving bid procedures; scheduling a sale hearing; authorizing the sale of the Debtors’ class action assets free and clear of all claims, liens, rights, interests and encumbrances and approving the successful bidder purchase agreement.

As previously reported, “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.  Among the Debtors’ remaining assets is their interest in the Class Action Assets.”

The bid procedures deadline is July 21, 2017, and the objection deadline for the sale of the class action assets is July 19, 2017. The Court also scheduled a July 26, 2017 sale hearing.

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