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It can make life more difficult for competing bidders by negotiating with the debtor ground rules for the overbid procedure.
Bids after the first overbid must exceed it by specific increments.
The agreement provides that it is subject to competing overbids, MCF's obtaining debt financing acceptable to DS&P (a non-binding commitment letter from a lending institution has been obtained by MCF) and the confirmation of a Plan of Reorganization, among other conditions.
The sale is subject to approval of the bankruptcy court, overbids in the bankruptcy court and customary closing conditions.
The proposed sale will be subject to overbids at a hearing to be held at 2:00 p.
previously reported the scheduling with the United States Bankruptcy Court of a hearing on the sale of substantially all of the Company's assets and to consider overbids on September 4, 2001.
If no overbids for the Company's assets are received, it is unlikely that the shareholders of Knickerbocker will receive any distributions from the proceeds of the proposed asset sale.
As a result, there will be a hearing on sale of substantially all of the Company's assets and to consider overbids on September 4, 2001 at 9:30 A.
Possible overbids are due on or before February 20.
Initial overbids are required to provide consideration in an amount at least $11 million higher than CAC's consideration and subsequent bids are to be made in increments of at least $1 million.
Under the bankruptcy code, the sale of these assets is automatically subject to overbids by other potential buyers.
Centex retains its continuing right to increase its consideration in response to any Qualified Overbids for Vista.