Nirvanix Gets Green Light For Twin Ch. 11 Sales

Law360, Wilmington (October 23, 2013, 8:55 PM ET) -- A Delaware bankruptcy judge on Wednesday approved bidding procedures for Nirvanix Inc. that will divvy up the cloud computing company's assets into two parcels in anticipation of a Chapter 11 auction next month.

San Diego-based Nirvanix sought court protection Oct. 1 after failing to find a buyer for the entire company and is now pursuing separates sales of its intellectual property and other assets, attorney Keith A. McDaniels told the court.

The company has a stalking horse bidder in place for the first lot, Nirvanix's IP,...
To view the full article, take a free trial now.
Try Law360 for free for seven days
Already a subscriber? Click here to login

Already have access?

  1. Forgot your password?
  2. Sign In

Get instant access to the one-stop news source for business lawyers

Required