| Proposed 'Stalking Horse' Bidder Revealed in Nirvana Bankruptcy Case 10/10/15 12:05am |
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Utica- Nirvana, Inc., the spring water bottling facility just south of Boonville, will be back in U.S. Bankruptcy Court on Wednesday morning. A hearing with the Honorable Diane Davis, of the U.S. Bankruptcy Court- Northern District of New York in Utica, presiding, will consider a motion for an order approving the selection of a stalking horse, break-up fee, expense reimbursement and related relief as well as adjourning the bid deadline, auction, and sale hearing. In court documents obtained by linkinglewiscounty.com, we have learned that Nirvana has requested the court approve their selection of a stalking horse bid. A stalking horse offer, agreement, or bid is an attempt by a debtor to test the market in advance of an auction. The intent is to maximize the value of its assets as part of (or before) a court auction in case of bankruptcy. The court documents indicate the stalking horse bid is from SNG Beverage Group, LLC. After a great deal of research, little information is available on this company. Based on the court documents, correspondence with the company is sent to an address in Clinton, NJ. Gulshan Chhabra is listed as the principal and managing member of the company. In a letter to the court dated October 06, 2015, Mr. Chhabra states that the SNG Beverage Group has submitted an Asset Purchase Agreement, which proposes to purchase virtually all of the debtors (Nirvana) assets, Mr. Chhabra also asks the court to approve a break-up fee as well as an adjournment of the bid deadline, auction, and sale hearing. A breakup fee (sometimes called a termination fee) is a penalty set in takeover agreements, to be paid if the target backs out of a deal ,usually because it has decided instead to accept a more attractive offer. Nirvana, which filed for Chapter 11 Bankruptcy in June, employs around 70 people, many of whom reside in Lewis County. Workers were given notice in June that they could expect layoffs beginning in September, which was later extended through November.
hearing and ruling. We will have all the details as they develop. |
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