Dark Fiber Firm Sells Network For $24M In Ch. 11 Sale

By Vince Sullivan (July 14, 2016, 7:51 PM EDT) -- Bankrupt fiber optic network developer AF-Southeast LLC received court approval Thursday in Delaware to sell its assets to a prepetition lender for $24 million, setting the table for a wind down of the firm in the next few months.

During a hearing in Wilmington, U.S. Bankruptcy Judge Kevin Gross approved the sale to Strome Mezzanine Fund IV LP, which was the only qualified bidder ahead of an auction scheduled earlier this week. The fund, which is owed $51 million for prepetition lending to AF-Southeast, credit bid $24 million for the assets, which include the first link in a planned fiber optic...

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