The Delaware Bankruptcy Court has approved procedures for a sale of AFA Investment, Inc. and its affiliates’ assets. As approved, the procedures are largely as reported here on April 20, 2012, with some changes:
· AFA has until June 11, 2012 to identify a stalking horse bidder. If one isn’t identified, AFA must file its own proposed form of asset purchase agreement on that date.
· Qualifying bids are due by June 19, 2012 at 4:00 p.m.
· If an auction is held, it will be on June 21, 2012 at 10:00 a.m.