On October 17, 2023 (the “Petition Date”), the Assignee filed its Verified Petition for Assignment for the Benefit of Creditors (the “Petition”), attaching the General Assignment for the Benefit of Creditors.
On October 18, 2023, the Court entered the Order on Petition for Assignment for the Benefit of Creditors, asserting jurisdiction over the Petition pursuant to 10 Del. C. §§7381, et seq.
By way of background, the predecessor at Slync was a logistics software development company that created efficiencies in historically manual processes with their primary focus in freight schedule management. Slync had a variety of successful products and growing interest in both the ocean and air freight industries, the company itself struggled to reach sustained profitability due to lower revenue streams and unexpected legal expenses.
The Assignee is seeking a buyer for substantially all of the Assignor’s assets relating to Slync’s platform, including the Intelligent Carrier Management (“ICM”), Ocean Booking 360, Inventory in Motion, and Air Freight Management, subject to a sales process that includes the solicitation of higher and/or better bids. The Assets will be sold free and clear of all liens, claims, encumbrances, and interests. The Assignee is currently in discussions with several interested parties and conducting due diligence.
All interested parties wishing to make competitive offers for the Assets will need to submit a qualified bid to the Assignee by no later than 5:00 pm (prevailing Pacific time) on November 20, 2023, and contain the following: (i) information confirming that the qualified bidder (“Bidder”) has the financial capacity to consummate a transaction if selected as the successful bidder (“Successful Bidder”), (ii) ability to expeditiously consummate the transaction if selected as the Successful Bidder, (iii) a signed Mutual Confidentiality and Non-Disclosure Agreement, and (iii) ability to submit a deposit of no less than 10% of the bid. Assignee intends to sell the Purchased Assets to pursuant to execution of an acceptable Asset Purchase Agreement that embodies the conditions agreed to in the Term Sheet. The Assignee reserves the right to enter into an Asset Purchase Agreement (“APA”) with another party as the Assignee had determined to be valid.
Development Specialists, Inc. (DSI) is one of the leading providers of management consulting and financial advisory services, including turnaround consulting, financial restructuring, litigation support, fiduciary services and forensic accounting. Our clients include business owners, private-equity investors, corporate boards, financial institutions, secured lenders, bondholders and unsecured creditors. For almost 40 years, DSI has been guided by a single objective: maximizing value for all stakeholders. With our highly skilled and diverse team of professionals, offices in the U.S. and international affiliates and an unparalleled range of experience, DSI has built a solid reputation as an industry leader.
DailyDAC™ is the internet's oldest, most trusted, and most widely used provider of public notices of asset sales and case commencements, and other important notices involving companies in financial distress in the United States and Canada. DailyDAC™ public notices are used by bankruptcy trustees, chapter 11 debtors in possession, federal and state court receivers, assignees for the benefit of creditors, auctioneers, and secured parties disposing of their collateral under the Uniform Commercial Code or other state law trust (and their respective auction firms, law firms, and other agents). Learn more.
Many sales of distressed companies and distressed business assets are not widely advertised. If you are buyer of such companies or assets, you may be well served by becoming a paying subscriber to Distressed Deal Data™. Find out more.
PUBLIC NOTICE OF UCC ARTICLE 9 SALE: DACRA-MSI LLC
PUBLIC NOTICE OF UCC ARTICLE 9 SALE: Cactus Solar I, LLC
PUBLIC NOTICE OF MECHANICAL EQUIPMENT SALE: Marlyn Nutraceuticals Inc.
PUBLIC NOTICE OF UCC ARTICLE 9 SALE: Meritra Real Estate Holdings LLC, Access Medical Group LLC, Meritra Clinics LLC, and Meritra Health, LLC
PUBLIC NOTICE OF UCC ARTICLE 9 SALE: PhysIQ
PUBLIC NOTICE OF 363 SALE: TopPop, LLC
Please log in again. The login page will open in a new tab. After logging in you can close it and return to this page.