Niner to be sold this month

By Stephen Frothingham

An investor group has made a stalking horse offer and will acquire the company from bankruptcy unless it’s outbid.

DENVER (BRAIN) — If all goes to plan, a Colorado investor group will acquire Niner, Inc.’s assets and bring the company out of bankruptcy before the end of the month

But first, other potential buyers will be given a chance to bid for the company at an auction next Thursday.

The auction will be held only if additional qualified bidders appear by next Wednesday, the deadline for bid submissions. If no bidders turn up, the investor group’s “stalking horse” purchase agreement will be accepted and the deal will be closed on Jan. 17.

Niner petitioned for Chapter 11 protection on Nov. 27 in Denver’s bankruptcy court, listing assets of $9.8 million and liabilities of $7.9 million. A few days prior to the filing, Niner had announced that it would be acquired by an investor group later identified as Columbia Basin Partners.

At the time, company co-founder, CEO and president Chris Sugai told BRAIN that the bankruptcy filing was done in anticipation of the sale.

“This was the cleanest and fastest way to do it,” Sugai told BRAIN on Nov. …read more

Via:: Bicycle Retailer and Industry News