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E-Cig Co. NJOY Says $30M Credit Bid Tops Ch. 11 Auction

Law360, Wilmington (November 8, 2016, 8:30 PM EST) -- NJOY told the Delaware bankruptcy court Tuesday that it plans to seek approval to sell to a consortium tied to Douglas Teitelbaum and his Homewood Capital investment firm, an early investor in the e-cigarette company that won an auction with a bid to resolve nearly $30 million in debt.

In papers before the Delaware bankruptcy court, NJOY Inc. said that the winning bid at its Chapter 11 auction last week came from Homewood NJOY Acquisition LLC, a consortium of Teitelbaum's Homewood Capital LLC and CGP Sottera Holdings LLC, which pledged to pay $300,000 in cash, whatever outstanding obligations are left on...

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September 16, 2016

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