DirectBuy Approved For Sale To Chinese PE In Del. Ch. 11

Law360, Wilmington (February 13, 2017, 6:22 PM EST) -- A Chinese private equity company won approval Monday to purchase bankrupt membership buying service DirectBuy Holdings Inc., with an 11th-hour offer that headed off a potential Delaware court dispute over an insider-controlled acquisition.

An attorney for Indiana-based DirectBuy said the deal with CSC Generation Inc., an affiliate of China Science and Merchants Capital Management, could close by Friday, subject to court review of final documents.

CSC, the second largest private equity and venture capital firm in China, offered to buy the company for $150,000 cash and up to $800,000 to cover assumed liabilities, with the bankruptcy estate and case permitted to...

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