The debtor’s law firm, Fennemore, will accept competing bids until March 28, 2008. Bankruptcy court will hold an auction on April 1, 2008 if the law firm receives qualified competing bids.
The $15 million investment bid for Xyience is from Manchester Consolidated Corp. The bid information from the legal papers filed last week for the energy drink manufacturer would include secured debt held by Zyen LLC of $14.8 million and $200,000 in cash.
Manchester Consolidated bankruptcy case filing says Manchester Capital from Toronto has Anthony Pallante as its CEO and chairman. Manchester Capital has an aggressive investment strategy and looks for companies with rapid growth in this boutique merchant banker.
The chief operating offer and president of Xyience, Omer Sattar, is optimistic in additional higher bids for the healthy energy drink company.
Last month, Chapter 11 bankruptcy was filed for the broke Xyience. A total of $5.3 million in assets and $42.3 million in liabilities were listed in the filing. Most of the energy drink was distributed in grocery stores. Source: Review Journal
Xyience Inc., from Las Vegas, NV has $15 million bid to buy from Bankruptcy.