DailyDAC
Share this...

PUBLIC NOTICE OF CHAPTER 7 AUCTION: OMC France

NOTICE OF CHAPTER 7 BANKRUPTCY AUCTION OF OMC FRANCE EQUITY- BID DEADLINE AUGUST 30TH

1. Background. The auction (“Auction”) that is the subject of this notice (“Notice”) will take place under the authority of the Honorable A. Benjamin Goldgar, of the United States Bankruptcy Court of the Northern District of Illinois (Eastern Division), as part of the chapter 7 bankruptcy case (“Bankruptcy Case”) titled, In re Outboard Marine Corporation (Case No. 00 B 37405). Alex D. Moglia serves as chapter 7 trustee (“Trustee”) for the Estate of Outboard Marine Corporation and its substantively consolidated debtor entities (“Debtors”). All references to the Trustee in this Notice are to him in this capacity and not in Mr. Moglia’s individual capacity.

2. Assets to be Sold.

  1. The Trustee filed a motion (“Motion”) in the Bankruptcy Case (at Docket #4863) seeking the approval of bidding procedures and the authority to sell, pursuant to such bidding procedures and subject to higher or better bids, the Debtors’ economic rights relating to its 100% equity interest in OMC Outboard Marine France, a limited liability company registered with the Cannes Companies and Trade Register under No. B. 393 705 124 (“OMC France”) free and clear of liens, claims and other interests. Capitalized terms not defined herein have the meanings given them in the Motion.
  2. The OMC France estate is expected to have an equity surplus in the approximate gross amount of €1,200,000, which is payable to the Estate on account of its indirect ownership of OMC France. The timing of such payment is currently uncertain.

3. Bidding and Sale Procedures. Pursuant to the court-approved bidding and sale procedures (“Bidding Procedures”):

  1. The deadline to submit a bid (“Bid Deadline”) is 4:30 p.m. CT on August 30, 2019.
  2. The Auction will take place at 1:30 p.m. CT on September 4, 2019 or such later time or other place as the Trustee shall notify all Qualified Bidders who have submitted Qualified Bids, at the Chicago offices of Fox Rothschild LLP,
  3. A final hearing to consider the remaining relief in the Motion shall be held at 10:00 a.m. CT on September 11, 2019 in Courtroom No. 642, United States Courthouse, 219 South Dearborn Street, Chicago, Illinois, before the Honorable A. Benjamin Goldgar, or such other judge who may be hearing this case. The hearing may be continued from time to time.
  4. Any objection to the relief sought in the Motion must be filed, in writing, with the captioned Court and served on (i) the Trustee’s counsel and (ii) Jeff Cohen, Southpaw Asset Management LP, 2 West Greenwich Office Park, 1st Floor, Greenwich, CT 06831 (Email: JC@SouthpawAsset.com), so that such objection is actually filed and received not later than 4:30 p.m. CT on September 9, 2019.

4. Additional Information. Copies of the Motion and related documents, and additional information about the Auction, can be obtained from the docket of the Bankruptcy Case at the United States Bankruptcy Court’s website (https://ecf.ilnb.uscourts.gov/) via PACER, Alex Moglia, Moglia Advisors, 1325 Remington Road, Suite H, Schaumburg, IL 60173, (847) 884-8282 or amoglia@mogliaadvisors.com, or the Trustee’s counsel, Mark Radtke, Fox Rothschild LLP, 321 N. Clark St., Ste. 1600, Chicago, IL 60654, (312) 517-9200 or mradtke@foxrothschild.com.

About The DailyDAC Editors

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.

View all articles by The DailyDAC »

The DailyDAC Editors
>
close

​Stay Update​d ​With Our Weekly​ Newsletter

​Our weekly newsletter, sent every Tuesday at 9am, includes:

  • check
    ​​Most recent Premium Public Notices
  • check
    ​All deals added to our proprietary database in the past week
  • check
    ​​The latest bankruptcy articles and related content