Florida Gaming bid procedures hearing to continue after negotiations

By Jim Witters

Wilmington, Del., Dec. 11 - Florida Gaming Centers, Inc. received approval to continue negotiations with a potential stalking-horse bidder and reschedule its bid procedures hearing, according to a Dec. 11 filing with the U.S. Bankruptcy Court for the Southern District of Florida.

"At the hearing, the debtors, Silvermark, LLC, the joint official committee of unsecured creditors, and ABC Funding, LLC, all agreed that the court should schedule a further hearing to allow the debtors and Silvermark a final opportunity to negotiate an asset purchase agreement with Silvermark as the stalking horse bidder," the filing stated.

The court agreed and scheduled a further hearing for 2 p.m. ET on Dec. 16.

At or before the hearing, the debtors and Silvermark are to execute and file as asset purchase agreement.

Failure to do so will bar Silvermark from being the stalking horse bidder.

Florida Gaming said in November that it was negotiating a $115 million stalking horse asset purchase agreement with Silvermark.

Based in Miami, Florida Gaming owns and operates gaming facilities. The company filed for bankruptcy on Aug. 19 under Chapter 11 case number 13-29597.

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