GREY:LSTMF - Post by User
Post by
Whatamidoing1on Nov 11, 2016 1:26am
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Post# 25448215
Lts sale process
Lts sale process SALES PROCESS
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The Applicants and the Sale Advisor have continued their execution of the Sales Process as approved by this Court. The Monitor has been in contact with the Company and the Sale Advisor regularly throughout the Sales Process to date and has been provided with regular ongoing status updates.
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In accordance with the Sales Process the Company and the Sale Advisor sought non-
st
binding letters of intent by October 21 , 2016, the Phase 1 Bid Deadline. On October
th
24 , 2016 the Monitor met with the Company, the Company’s counsel and the Sale
Advisor to review the non-binding bids received. A total of 29 bids in addition to the Secured Noteholder Credit Bid (which continues to be negotiated) were received either by way of en bloc offer for all of the Lightstream Groups assets or for certain asset packages. After reviewing the results, the Applicants in consultation with the Monitor and the Sale Advisor have moved to Phase II of the Sales Process.
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In the Monitor’s view the Applicants and the Sale Advisor are executing their sales and marketing efforts in accordance with the Court approved Sales Process.
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