Bankrupt IBahn Gets $13M Stalking Horse Approved

Law360, Wilmington (February 13, 2014, 6:05 PM EST) -- A Delaware bankruptcy judge signed off on iBahn Corp.'s proposed bid procedures Wednesday, establishing fellow hotel Internet provider Guest-Tek Interactive Entertainment Ltd. as a $13 million stalking horse bidder for a planned March auction.

U.S. Bankruptcy Judge Peter J. Walsh entered an order approving the procedures after iBahn said under certification of counsel that it had resolved the lone objection from Nomadix Inc.

Under the approved terms, competing bids are due Feb. 28 and the auction is slated for March 5. Judge Walsh will conduct a...
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