Bankrupt Simplexity Gets OK For $10M Wal-Mart Sale Plan

Law360, Wilmington (April 4, 2014, 9:01 PM EDT) -- A Delaware bankruptcy judge gave the green light Friday to private equity-owned mobile phone activator Simplexity LLC's plan to sell some of its assets in a Chapter 11 auction, with retail giant Wal-Mart Stores Inc. putting in a $10 million stalking horse bid.

At a hearing in Wilmington, Del., U.S. Bankruptcy Judge Kevin Gross said he would sign an order approving bid procedures for Simplexity's planned sale that set a deadline for qualified bids on April 25 and an auction, if needed, three days later....
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.