Bankrupt Simplexity Gets OK For $10M Wal-Mart Sale Plan

Law360, Wilmington (April 04, 2014, 9:01 PM ET) -- A Delaware bankruptcy judge gave the green light Friday to private equity-owned mobile phone activator Simplexity LLC's plan to sell some of its assets in a Chapter 11 auction, with retail giant Wal-Mart Stores Inc. putting in a $10 million stalking horse bid.

At a hearing in Wilmington, Del., U.S. Bankruptcy Judge Kevin Gross said he would sign an order approving bid procedures for Simplexity's planned sale that set a deadline for qualified bids on April 25 and an auction, if needed, three days later....
To view the full article, register now.