HMX Acquisition stalking horse bid conditions met; toggle eliminated

By Caroline Salls

Pittsburgh, Dec. 11 - HMX Acquisition Corp. representative Mark K. Thomas of Proskauer Rose LLP said the conditions to keep the stalking horse bid for the company's assets from toggling to a liquidation bid have been met, according to a letter filed Tuesday with the U.S. Bankruptcy Court for the Southern District of New York.

As previously reported, the conditions that had to be met for the stalking horse bid from Authentic Brands Group, LLC to constitute a firm, going-concern bid included entry into a license agreement with a new entity formed by HMX chief executive officer Douglas L. Wilson and the bidder receiving evidence of the licensee's ability to perform under the license agreement.

Both conditions had to be met no later than three business days before the Dec. 12 auction.

Thomas said the stalking horse bid has been amended to eliminate the liquidation bid provision.

HMX, a New York-based tailored clothing company, filed for bankruptcy on Oct. 19 under Chapter 11 case number 12-14300.

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