Phoenix Payment Enters Ch. 11 With $50M Stalking Horse

Law360, Wilmington (August 4, 2014, 6:51 PM EDT) -- Electronic transaction processor Phoenix Payment Systems Inc. entered Chapter 11 in Delaware bankruptcy court on Monday aiming to sell its assets, armed with a $50 million stalking horse bid from North American Bancard LLC.

Phoenix Payment faced an ongoing cash crunch and determined a Section 363 auction was the best method to maximize value, according to a declaration by Chief Restructuring Officer Michael E. Jacoby.

The company, which listed about $16.6 million in liabilities as of the petition date, began marketing itself earlier this year, and...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.