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Assets of Seafood Products Processing and Distributing Business

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Listing Information

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Assets of Seafood Products Processing and Distributing Business



Price: Not Specified

Other Item Info
Item #: mabke_500975
Created: 09/15/2020
Category: Business Property > All Assets or Going Concerns > Food Producers
Sale Date: None Set
Seller Info
Christopher M. Condon
Debtor's Attorney
One Beacon Street
Boston, MA 02108
(617) 423-0400 (ext. 441)
Bankruptcy Info
Case #: 1:20-bk-11870
Case Title: Mariner Seafood, LLC
Court: Massachusetts Bankruptcy Court
Chapter: 11
View Case Docket

See More Documents

Description

Sale of substantially all of assets of Mariner Seafood, LLC ("Seller"), including all of Seller’s right, title and interest in and to all of Seller’s property and assets, real, personal or mixed, tangible and intangible, of every kind and description, wherever located, including the following:

  • The Included Cash;
  • All Accounts Receivable;
  • All Tangible Personal Property, including those items described in Schedule 2.1(c);
  • All Inventories;
  • The Assigned Contracts;
  • To the extent requested by Buyer and to the extent assignable to Buyer under applicable Law, all Permits held, used, or intended to be used by Seller in connection with the
  • Business, and all of the rights and benefits accruing thereunder;
  • All data and Records related to the operations of Seller, including client and customer lists and Records, referral sources, research and development reports and Records, production reports and Records, service and warranty Records, equipment logs, operating guides and manuals, financial and accounting Records, creative materials, advertising materials, promotional materials, studies, reports, correspondence and other similar documents and Records and, subject to Applicable Laws, copies of all human resources Records;
  • All of the intangible rights and property of Seller, including all Intellectual Property, going concern value, goodwill, telephone, telecopy and email addresses and listings and those items listed in Schedule 3.11(c);
  • All claims of Seller against Third Parties arising in the Ordinary Course of Business which are (i) required to enforce Buyer’s rights to ownership of the Assets or (ii) related to the condition of the Inventory, whether choate or inchoate, known or unknown, contingent or noncontingent;
  • All insurance benefits (including rights and proceeds) (i) arising from or relating to (A) damage to or destruction of Tangible Personal Property and Inventory, but only to the extent such damage or destruction occurs between the date of this Agreement and the Effective Time and (B) payment following the Effective Time of Accounts Receivable outstanding at the Effective Time and (ii) under the Flynn Term Policy and the Flynn Whole Life Policy; all rights of Seller relating to deposits and prepaid expenses, claims for refunds and rights to offset in respect thereof; and
  • All other properties and assets of every kind, character and description, tangible or intangible, owned by Seller and used or held for use in connection with the Business, whether or not similar to the items specifically set forth above other than the Excluded Assets.

Additional Details

  • Purchase Price: The purchase price for the assets under the APA is: (a) the amount of the seller's accounts receivable up to $2,200,000, plus (b) $150,000, plus (c) $400,000 to fund the professional fees costs associated with this proceeding and consummating the purchase, plus (d) certain employee benefit obligations.
  • Bid Amount: The purchase price submitted by a Competing Bidder must be at least five percent (5%) greater than the sum of: (i) the amount of the Debtor’s accounts receivable up to $2,200,000, plus (ii) $150,000, plus (iii) $400,000 to fund the professional fees costs associated with the Debtor’s Chapter 11 case and consummating the purchase of the Assets, plus the amounts necessary to cure defaults under the Assigned Contracts, plus the Employee Costs.
  • Bid Deposit: $137,500


Other Information

Terms and Conditions:

See Attached.


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