GREY:LFDEF - Post by User
Post by
Bazveston Dec 15, 2020 12:49pm
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Post# 32109576
Sale of SAR unit
Sale of SAR unitI may way-off but my understanding is that the Stalking horse Bid is like the baseline bid should not other bid come-up before a certain deadline.
From what I read in the article dated 10 dec on the doc library, is that on 23 Nov a Bid was accepted for the SAR APA unit by 1262743 B.C. Ltd. (the "SAR Buyer").
"..executing the asset purchase agreement dated November 23, 2020 (the "SAR APA") with 1262743 B.C. Ltd. (the "SAR Buyer"), the Successful Bidder in the SAR. business unit auction. Approval of the SAR APA and related relief will be sought at a subsequent court attendance at the Court's earliest availability;...."
"..the amendments contemplated by the First DIP Amending Agreement are necessary in order to permit the Petitioners to complete the Antarctica Transaction and SAR APA transaction and will provide sufficient liquidity through to and including the extended stay period expiring January 15, 2021, including with respect to intercompany support payments necessary to maintain good standing in the French and Spanish insolvency proceedings for the benefit of the entire corporate group and its stakeholders. In this regard the Petitioners and their counsel engaged in extension discussions with the professionals and judicial administrators involved in the French insolvency proceedings to ensure that availability under the Antarctica Facility, as amended, would be sufficient to ensure sufficient liquidity for the Petitioners' French subsidiary, Geosys S.A.S., throughout its restructuring process, in order to ensure coordination with the objectives of the Antarctica Transaction...."