At a hearing on Monday afternoon, a Delaware Bankruptcy Court judge approved the stalking horse bid for the inventory of Hastings Entertainment from liquidators Gordon Brothers and Hilco that we reported on last Friday. Per that earlier report, the bid “provides for a guaranteed payment of 75 percent of the cost of the debtors’ inventory which is based on in excess of $110 million of inventory and should provide more than $82 million in proceeds.” The bidders were granted the bid protections that they sought from the court, including fees and expenses if their offer does not prevail, along with a requirement that any […]
