DENVER, Colo. (BRAIN) — Niner Inc.'s creditors were notified Friday that the company had received no new qualified bids for its assets, clearing the way for a stalking horse bidder, Niner Acquisition LLC, to close on purchase of the company next Wednesday. The company hopes to emerge from bankruptcy under new ownership before the end of this month.
Niner Acquisition's managing partners are Brady Dolsen, Steve Foreman and Kevin Burns, who are the principals in Columbia Basin Partners. Niner announced in November that the partners would be buying the company after it reorganized under Chapter 11 bankruptcy protection.
Niner Acquisition has agreed to pay cash to pay off Niner Inc.'s obligations owed to PMC Financial Services Group, with which Niner had a credit line with a $2.75 million balance at the time of the Chapter 11 filing. Niner Acquisition also will pay an additional $100,000 in cash and assume the company's other liabilities.
The court on Friday agreed to extend the deadline until Tuesday for West Town Bank & Trust of North Carolina, which is owed $3.1 million by Niner, to object to the sale.
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