Center for Autism gets OK of bid procedures; auction set for July 17

By Sarah Lizee

Olympia, Wash., June 16 – The Center for Autism and Related Disorders, LLC received approval of the bid procedures for its assets, according to an order filed Friday with the U.S. Bankruptcy Court for the Southern District of Texas.

As previously reported, the debtors have also lined up a stalking horse agreement with Pantogran LLC for its assets. Pantogran is led by Dr. Doreen Granpeesheh, founder and former chief executive officer of the debtors.

The agreement provides for a $25 million purchase price for a going-concern acquisition of substantially all of the debtors’ assets.

The stalking horse bid sets the floor for bidders in the marketing process.

Under the bid procedures, the general bid deadline is 5 p.m. ET on July 13, an auction is scheduled for July 17, and a sale hearing will take place on July 19, alongside the plan confirmation hearing.

The debtors’ prearranged plan contemplates a waterfall distribution of the net cash proceeds and the wind down of the post-sale estates.

The Henderson, Nev.-based autism treatment provider filed Chapter 11 bankruptcy on June 11 under case number 23-90709.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.