OMC Announces Auction Procedure Details
by Mr. Wizard
Bids are to be in by 4PM eastern time Jan 26th. Sellers will announce the terms of highest and best qualified bids 12PM Jan 2. Sellers may extend the deadline, but are not obligated to do so.
After all the qualified bids have been received, sellers will conduct an auction on any assets receiving a qualified bid. This auction will take place 9AM Feb 5th in Chicago or at a later time and designated place. Only qualified bidders are eligible to participate.
At the conclusion of the auction, OMC financial and business advisors with agreement from the lenders and the Bankruptcy Committee will review all the qualified bids and identify the highest or best offer or group of offers and present their findings at the Bankruptcy Court Sale Hearing (Feb 8th 2PM Chicago) for approval. No sales will be final until approved by the Bankruptcy Court.
If you hear any additional details concerning the auction,