Bankrupt CDC Corp. Seeks $250M Sale To Stalking Horse

Law360, New York (February 7, 2012, 6:45 PM EST) -- Bankrupt software firm CDC Corp. asked a Georgia bankruptcy judge on Monday for permission to sell its 87 percent stake in CDC Software Inc. to stalking horse bidder Archipelago Holdings Inc. for $250 million.

The bankrupt company asked U.S. Bankruptcy Judge Paul W. Bonapfel to approve an agreement it reached with Archipelago on Feb. 1 to sell subsidiary CDC Software for $10.50 per share.

If the agreement is approved by the judge, it will also allow CDC Corp. to solicit higher bids from other potential purchasers...
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