Cloud Storage Co.'s Ch. 11 Sale Yields $13M Price Hike

Law360, Wilmington (August 29, 2018, 6:41 PM EDT) -- Attorneys for Tintri Inc. told a Delaware bankruptcy judge Wednesday that a two-day Chapter 11 auction had yielded a price for its assets that exceeded its stalking horse baseline bid by more than $13 million.

During a hearing in Wilmington, John D. Fiero of Pachulski Stang Ziehl & Jones LLP said the auction commenced Monday and continued through six rounds of bidding into the early evening hours of Tuesday, when stalking horse bidder DataDirect Networks Inc. presented its final offer of $53.8 million.

The offer topped a bid from the only other auction participant, ESW Capital LLC, whose final and best...

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