HOUSTON — Assets of bankrupt Top 100 retailers Conn’s HomePlus and Badcock Home Furniture &more will be going to auction.
On Aug. 20 in the U.S. Bankruptcy Court for the Southern District of Texas, Judge Alfredo R. Perez approved certain bidding procedures for an auction and a hearing on the approval of the sale of all or substantially all of the debtors’ assets.
Those assets include, but are not limited to, the portfolio of outstanding Conn’s consumer installment loans; the portfolio of legacy W.S. Badcock revolving accounts; non-performing consumer loans; the debtors’ credit originations, servicing platforms and other assets including intellectual property; owned real estate parcels; the debtors’ network of real estate leases; equity in the debtors’ bankruptcy remote special purpose entities; and inventory.
The bidding procedures order also authorized the right of the debtors to, at any time prior to the auction and in consultation with consultation parties, designate a stalking horse bidder whose qualifying bid shall serve as the stalking horse bid for the assets, subject to higher and better bids in accordance with the terms and conditions of the bidding procedures.
The deadline for bids is 4 p.m. CT, Sept. 6, with the auction for qualified bids to take place at 10 a.m. CT on Sept. 11 and objections due by 4 p.m. CT on Sept. 19. A sale hearing will take place Oct. 1, subject to court availability. If no qualified bid other than any stalking horse bid is submitted on or before deadline, the auction will be canceled, and debtors will request that the court approve the stalking horse asset purchase agreement.
Conn’s filed for bankruptcy on July 23 and is in the process of going out of business.
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