Xtreme Power Sets Up DIP Lender's Stalking Horse Bid

Law360, New York (February 10, 2014, 9:14 PM EST) -- Energy storage technology company Xtreme Power Inc. won approval Friday in Texas bankruptcy court to move ahead with an auction process anchored by a $10 million stalking horse bid from its debtor-in-possession lender.

U.S. Bankruptcy Judge H. Christopher Mott approved bidding procedures anointing specialty financing outfit and DIP lender Horizon Technology Finance Corp. as Xtreme’s stalking horse and setting a March 18 deadline for qualified bids, with an auction two days later.

Horizon, which is also one of Xtreme’s two senior-most secured creditors, has pledged not...
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