CyberDefender Corp Announces Bankruptcy
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PRESS RELEASE - CyberDefender Corp Enters Bankruptcy
CyberDefender Corp. (CYDE) has reached an Asset Purchase Agreement or "APA" with GR Match LLC, an affiliate of Guthy-Renker LLC, to sell substantially all of its assets to GR Match LLC. To facilitate the sale transaction contemplated by the APA and establish a sale process for the receipt of higher and better bids, the company has filed a voluntary petition for reorganization under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware.
The purchase is subject to certain conditions including approval by the Bankruptcy Court, higher and better offers, customary closing conditions, and any required government approvals.
The company also said its daily operations, including software, data storage and LiveTech remote technical support services, would continue without interruption during the sale process. In association with the Chapter 11 filing and as per Section 363 of the Bankruptcy Code, the company would file a motion for the establishment of bidding procedures to allow other qualified bidders to submit higher and better offers for its assets.
XRoads Solutions Group, LLC serves as financial advisor to the Company and Pachulski Stang Ziehl & Jones LLP serves as bankruptcy counsel.