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Fisher Auto $10M Bid to Open Feb. 23 Auction of All Assets of Auto Supply

Wednesday, 07 February 2018 03:38
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Judge Lena Mansori James of the U.S. Bankruptcy Court for the Middle District of North Carolina authorized Auto Supply Co., Inc.'s bidding procedures and its Asset Purchase Agreement with Fisher Auto Parts, Inc., in connection with the sale of substantially all of its assets for $10 million subject to adjustments, subject to overbid.

The provisions of the Asset Purchase Agreement and Auction Bidding Procedures providing for the reduced Expense Reimbursement are approved in all respects, and the Debtor will pay the reduced Expense Reimbursement to Fisher if: (a) Fisher is not in breach of or default under the Asset Purchase Agreement and (b) Fisher is not the Successful Bidder.

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