Coach America Holdings Inc. rescheduled the sale auction date related to its Chapter 11 proceedings to April 25, 2012. The sale auction had originally been scheduled for April 18, 2012.
The one-week delay reflects the timely submission from the Pre-Petition First Lien Agent, pursuant to Section 9.1 of the Prepetition First Lien Credit Agreement, of its intent to submit a Credit Bid under Section 363 of the U.S. Bankruptcy Code.
As previously announced in January, Coach America Holdings Inc. and its U.S.-based subsidiaries filed to reorganize under Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware. More information about the Chapter 11 filing, which has been assigned case number 12-10010 (KG), is available here.