A court hearing to approve the $225 million bid has been scheduled for Friday in the United States Bankruptcy Court for the Southern District of New York.
A court hearing to approve the bid has been scheduled for Friday in the United States Bankruptcy Court for the Southern District of New York. If approved, the sale is expected to be completed by July 7. The bankruptcy auction, which had been scheduled Thursday morning, was canceled.
Fortress Investment Group was an existing lender of the company and had been expected to be a likely buyer of the company, alongside Soros Fund Management and Monroe Capital.
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