LOS ANGELES, Dec. 9, 2015 /PRNewswire/ -- DigitalSound Production Services, Inc. ("DPS") is poised to sell substantially all of its assets free and clear of all liens, claims and interests under Section 363 of the Bankruptcy Code in its chapter 11 case pending in the U.S. Bankruptcy Court for the Central District of California, San Fernando Valley Division as Case No. 1:15-bk-13952-MB.
Founded in 2001, DPS is a top name production services company providing clients with personalized customer service and turnkey solutions for the highest quality lighting, sound, video and staging equipment.
DPS has entered into a sale agreement ("APA") with Atomic Lighting LLC ("Stalking Horse Purchaser") and is soliciting overbid offers for the purchase of substantially all of its assets consistent with the bidding procedures ("Bidding Procedures") approved by the Bankruptcy Court at a hearing held on December 8, 2015 at 1:30 p.m. DPS lodged its order on the Bidding Procedures Motion on December 8, 2015 ("Bidding Procedures Order"). The Stalking Horse Purchaser has agreed to buy the Acquired Assets (as defined in the APA) for $5,975,242. The sale is subject to overbid at auction in the event one or more qualified bids are received by the bid deadline of December 18, 2015 at 6:00 p.m. (prevailing Pacific time). The minimum overbid amount is $6,230,242.
If one or more qualified bids are received by the bid deadline, the Bankruptcy Court will conduct an auction (the "Auction") on December 22, 2015 at 10:00 a.m. If an Auction is held, the hearing (the "Sale Hearing") on DPS' motion to sell substantially all of its assets (the "Sale Motion") will be held immediately following the Auction. If no qualified bids are received by the bid deadline, then the Sale Hearing will take place on December 22, 2015 at 10:00 a.m. before the Honorable Martin R. Barash, United States Bankruptcy Court Judge, at the U.S. Bankruptcy Court for the Central District of California, San Fernando Valley Division, in Courtroom 303, located at 21041 Burbank Boulevard, Woodland Hills, California 91367. A copy of the Sale Motion is available free of charge by contacting counsel for the Debtor as follows: Susan Seflin of Ezra Brutzkus Gubner LLP ("EBG") via e-mail at email@example.com or via facsimile at 818.827.9099.
The EBG team of lawyers advising DPS is led by Steve Gubner, Susan Seflin and Jerrold Bregman.
Inquiries should be directed to DPS counsel Susan Seflin, as follows:
Susan Seflin, Counsel
Ezra Brutzkus Gubner LLP
21650 Oxnard Street #500, Woodland Hills, CA 91367
SOURCE Ezra Brutzkus Gubner