Leiner Can Offer Stalking Horse Breakup Fee: Judge

Law360 (May 16, 2008, 12:00 AM EDT) -- Despite the objections of the U.S. trustee overseeing the Chapter 11 case, a judge tentatively allowed bankrupt Leiner Health Products Inc. to grant a stalking horse bidder a breakup fee prior to the auction for the store-brand vitamin manufacturer's assets on June 9.

Judge Kevin J. Carey of the U.S. Bankruptcy Court for the District of Delaware on Wednesday signed an interim order allowing Leiner to arrange for a breakup fee in the event it enters into a stalking horse asset purchase agreement before the bidding...
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