Violin Memory Says Soros Unit's Ch. 11 Bid Clears $14.5M

Law360, Wilmington (January 30, 2017, 4:09 PM EST) -- Violin Memory told the Delaware bankruptcy court Monday that a unit of major creditor Soros Fund Management LLC put in the winning bid for its assets with an offer valued at least $14.5 million, but it needs more time to negotiate terms of a Chapter 11 plan sponsorship agreement.

During a hearing in Wilmington, Violin Memory attorney Deryck A. Palmer of Pillsbury Winthrop Shaw Pittman LLP said that the company’s three-day bankruptcy auction drew “spirited activity” from about a half dozen bidders before Soros unit and...
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