On November 6th, Oya Renewables Development LLC, et al. (the "Oya Debtors") filed a bidding procedures motion to approve the proposed bidding procedures in connection with the sale of substantially all of the Oya Debtors' assets.
Below are additional important dates (which are proposed in the bidding procedures motion):
- December 17, 2024: proposed deadline to submit bid;
- December 20, 2024: auction;
- December 30, 2024: proposed sale hearing (if auction is cancelled because no overbids, to approve the Stalking Horse Bid of Radial Power LLC);
- January 13, 2025 – proposed sale hearing (if auction takes place, to approve the prevailing bidder from the auction); and
- January 31, 2025 – proposed date by which closing must occur.
In addition, the proposed first overbid (above and beyond the stalking horse bid) must be: (i) $30 million, and must include a cash component sufficient to payoff the DIP loan funded by the Stalking Horse Bidder, plus (ii) any Stalking Horse Bidder Protects (e.g., expense reimbursements, break-up fee, in an amount not to exceed $500,000), plus (iii) $500,000.
The bidding procedures motion will be presented to the court on December 3rd. Objections to the motion are due by November 26th.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
