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Event solutions provider Arena Events said it had won a tender for the operating business and assets of Aztec Shaffer for $25.6 million.
The bid was submitted on 2 April 2021 in accordance with an auction process pursuant to Section 363 of the United States Bankruptcy Code.
The total value of the bid was $25.6 million funded by Arena's equity contribution of $3.35 million for its 50% equity stake in NewCo and a debt financing package from the co-bidders totalling $18.25 million, the company said.
Completion remains subject to the sale hearing at the United States Bankruptcy Court for the Southern District of Texas on 12 April 2021, it added.
At 8:20am: (LON:ARE) Arena Events Group Plc Ord 1p share price was 0p at 8.34p