Parties interested in purchasing the assets of Hartford should contact Mr. Michael Levy of Paragon Capital Partners by email ([email protected]) or phone at 212.894.0275 by direct fax (212.894.0255).
On December 12, 2011, Nexicore Services announced an agreement to sell substantially all of its assets to Avnet, Inc. (NYSE: AVT). In connection with the transaction, the company voluntarily initiated Chapter 11 proceedings in the U.S. Bankruptcy Court in Chicago. The agreement with Avnet contemplates a Section 363 sale whereby Avnet�s bid would be subject to competing qualified bids.
The purchase price set forth in the agreement includes an upfront payment of $35.5 million (excluding cash at the company), plus the assumption of normal course operating liabilities, plus $19.5 million of potential earnouts based on 2012 and 2013 operating income. Full details are set forth in the Asset Purchase Agreement filed with the bankruptcy�s First Day Filings, which can be found at http://www.kccllc.net/Hartford. A hearing to approve bidding procedures is scheduled for January 26, 2012 in Chicago. Currently, the proposed deadline for submitting bids is 2/13/2012.
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