April 4, 2018 / 7:01 PM / 8 months ago

BRIEF-Discovery Air Announces Approval Of Sale Process To Preserve Business

April 4 (Reuters) - Discovery Air Inc:

* DISCOVERY AIR INC ANNOUNCES APPROVAL OF SALE PROCESS TO PRESERVE BUSINESS; AFFILIATES OF CLAIRVEST SUBMIT STALKING HORSE BIDS TO PURCHASE ASSETS

* COURT GRANTED ORDER APPROVING EXTENSION OF CO’S STAY OF PROCEEDINGS TO & INCLUDING JUNE 29

* ‍COURT GRANTED ORDER APPROVING A SALE SOLICITATION PROCESS FOR SALE OF DISCOVERY’S SHARES OF WHOLLY OWNED UNITS

* ORDER ALSO APPROVING SALE OF REMAINING MINORITY INTEREST IN FORMER DEFENCE BUSINESS ALONG WITH CERTAIN RESIDUAL ASSETS OF DISCOVERY​

* ANTICIPATES THAT IT WILL SEEK FURTHER EXTENSION OF STAY AT APPROVAL HEARING

* PURSUANT TO SSP ORDER, ASSET PURCHASE AGREEMENTS WERE APPROVED FOR PURPOSE OF CONSTITUTING “STALKING HORSE AGREEMENTS” IN SSP

* PURSUANT TO SSP ORDER, THE CCAA MONITOR WILL CONDUCT AND OVERSEE SALE PROCESS Source text for Eikon: Further company coverage:

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