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The companies agree that, in the event of a competitive bid or auction, the first overbid must be at least $5.
This overbid process will also allow qualified bidders acceptable to a steering committee of the Company's first lien lenders to take advantage of a $110 million "stapled" financing option offered by certain of the Company's first lien lenders in support of any qualified overbid.
Cyber Security Assets to Thwart Post-Breach Invaders; $8 Million Overbids Accepted Until January 25, 2015
3bn in premiums over 10 years, is thought to have overbid for the ECML franchise.
In her filing, Itkin is asking the court to require that the first overbid be at least $6.
The offer was rejected by Marston but the bidding war sparked fears that the two companies may overbid for each other.
According to Kent Laber, senior managing director of Barrier Advisors, competing bids must exceed the stalking horse bid by a $500,000 breakup fee in addition to expenses, plus a minimum initial overbid of $250,000.
At the same time, however, it does appear that the sense of panic that caused tenants to overbid asking rentals and sign leases in as little as 48 hours as subsided.
The Trustee proposes to enter the Sale Agreements on the Subject Properties as seller on behalf of the Kobra Properties estate with the "Stalking Horse Buyer" under each agreement, subject to the overbid and sales procedures which have been filed with the Bankruptcy Court ("Court").
If Savient's process to sell all or substantially all of its assets results in a purchase price that exceeds $60 million (such excess amounts, the "Overbid Amounts"), 3% of the first $10 million of any such Overbid Amounts and 4% of any additional Overbid Amounts would be used to fund distributions to unsecured creditors pursuant to a confirmed Plan, subject to an aggregate cap of $750,000;
The proposed sale provides for an approximately $4 million purchase price and is subject to overbid procedures set forth in the judge's order.
The agreement is subject to the completion of a court-approved overbid process expected to occur in mid-April, receipt of financing, other contingencies and bankruptcy court approval.