Investment group drops bid for Niner assets on eve of sale

By Stephen Frothingham

DENVER (BRAIN) — The investor group that had planned to purchase Niner Inc.’s assets this week has changed its mind, Niner told a Denver bankruptcy court on Tuesday.

Niner Acquisition LLC, a group owned by three Colorado investors, had been working with Niner since early 2017, long before Niner’s decision to file for Chapter 11 bankruptcy protection in late November. According to Niner at the time of the filing, the company planned to reorganize under the protection of Chapter 11, and then sell its assets to the group.

Niner Acquisition’s three partners are also the principals in Colorado Basin Partners. The group made a stalking horse offer for the company’s assets, and when no other qualified bids appeared by a deadline last week, was scheduled to close on the purchase Wednesday and bring the company out of bankruptcy before month’s end.

However, Niner filed a status update with the U.S. Bankruptcy Court for the District of Colorado on Tuesday afternoon indicating that the group had dropped the offer and Niner was now negotiating with two other potential buyers.

“On January 16, 2018, Debtor received notice that Niner Acquisitions, Inc., the approved Stalking Horse bidder, was no longer proceeding forward with …read more

Via:: Bicycle Retailer and Industry News