Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers P > Headlines for Prime Trust, LLC > News item |
Prime Trust receives bankruptcy court approval of bid procedures
By Sarah Lizee
Olympia, Wash., Sept. 13 – Prime Trust, LLC secured approval of bid procedures for its assets or equity, according to documents filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.
The company may choose to enter into one or more stalking horse agreements. Bid protections under any stalking horse agreement would include a $750,000 expense reimbursement and a 3% breakup fee.
Under the bid procedures, the deadline to submit a stalking horse bid is Sept. 25, the deadline to submit competing bids is Oct. 5, an auction is set for Oct. 10, an asset sale hearing is set for Oct. 13, and an equity sale hearing would take place alongside the plan confirmation hearing.
Bids at auction must be made in increments of $250,000 or more.
The Las Vegas-based cryptocurrency custodian filed bankruptcy on Aug. 14 under Chapter 11 case number 23-11161.
© 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.