PLEASE TAKE NOTICE THAT:
1. On May 29, 2019, American Home Products LLC (the “Debtor”) filed the Motion of Debtor for Entry of (I) an Order (A) Authorizing and Approving Bid Procedures in Connection with the Sale of Substantially All of the Debtor’s Assets; (B) Scheduling an Auction and Sale Hearing; (C) Approving the Manner and Form of Notice of the Auction and Sale Hearing; and (D) Granting Related Relief (the “Bid Procedures Motion”); and (II) an Order (A) Approving the Sale of Substantially All of the Debtor’s Assets Free And Clear of All Interests; (B) Authorizing the Assumption and Assignment of Certain Executory Contracts and Unexpired Leases; and (C) Granting Related Relief [Docket No. 22] (the “Sale Motion”; together with the Bid Procedures Motion, the “Motion”) with the United States Bankruptcy Court for the Northern District of Georgia (the “Bankruptcy Court”), Case No. 19-21054-JRS.
2. The Debtor is a blind, shutter and shade manufacturer based in Gainesville, Georgia. The Debtor primarily produces custom plantation shutters and sources from third parties for blinds and shades. After the downsizing and ceasing certain unprofitable business lines, the Debtor’s annualized revenues are projected to be approximately $18 million (historically, prior to downsizing, the Debtor’s annualized revenues were approximately $36 million).
3. By order dated June 19, 2019, the Bankruptcy Court approved the Bid Procedures Motion (the “Bid Procedures Order”).
4. The Debtor is seeking bids for all or substantially all of the assets of American Home Products LLC (the “Assets”). The proposed sale will be free and clear of any and all liens, claims and encumbrances pursuant to section 363 of the Bankruptcy Code.
5. All interested parties are invited to submit a written offer to purchase the Assets in accordance with the terms and conditions of the Bid Procedures contained in the Bid Procedures Order. The deadline to submit a written offer (the “Bid Deadline”) is July 29, 2019 at 4:00 p.m. (prevailing Eastern Time).
6. Prior to the Bid Deadline, a potential bidder that desires to purchase the Assets shall deliver its written offer in accordance with the Bid Procedures.
7. Pursuant to the Bid Procedures Order, in the event that the Debtor receive one or more Qualified Bids by the Bid Deadline (other than the Stalking Horse Bid), the Debtor shall conduct an Auction to determine the highest and otherwise best bid with respect to the Assets. The Auction shall commence at 10:00 a.m. (prevailing Eastern Time) on July 31, 2019 at the offices of Kelley & Clements LLP, 340 Jesse Jewell Parkway, Suite 435, Gainesville, Georgia 30501, or at such other place and time as the Debtor shall notify all parties in interest attending the Auction. If no Qualified Bids are received by the Bid Deadline other than the Stalking Horse Bid, the Debtor shall seek approval of the Stalking Horse Bid at the Sale Hearing.
8. Objections, if any, to the Sale of the Assets, to any Successful Bidder and/or the other relief requested in the Motion, other than the relief approved in the Bid Procedures Order, must be in writing and filed with the Bankruptcy Court on or before August 1, 2019 at 4:00 p.m. (prevailing Eastern Time).
9. The Sale Hearing shall be conducted by the Bankruptcy Court on August 2, 2019, at 11:00 a.m. (prevailing Eastern Time), or on such other date as the Bankruptcy Court may direct. Requests for a copy of the Stalking Horse Bidder’s asset purchase agreement or for any other information concerning the Motion or the Sale should be directed, by written request, to the Debtor’s counsel at the contact information listed below and in the Bid Procedures.
Dated: June 26, 2019
Sean D. Malloy
Michael J. Kaczka
Maria G. Carr
McDONALD HOPKINS LLC
600 Superior Avenue, E., Suite 2100
Cleveland, OH 44114
Telephone: (216) 348-5400
Facsimile: (216) 348-5474
E-mail: [email protected]
Charles N. Kelley, Jr.
KELLEY & CLEMENTS LLP
PO Box 2758
Gainesville, GA 30503
Email: [email protected]
COUNSEL FOR DEBTOR AND DEBTOR IN POSSESSION
The editors and editorial board of DailyDAC include preeminent restructuring and insolvency professionals, journalists, and editors. They are devoted to providing reliable and plain English education and deal intelligence about assignments, corporate bankruptcy, receiverships, out-of-court workouts and similar topics.
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