CyberDefender (CYDE) Enters Asset Purchase Agreement with GR Match LLC
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CyberDefender Corporation (Nasdaq: CYDE) today announced that it has entered into an Asset Purchase Agreement (“APA”) with GR Match, LLC, an affiliate of Guthy-Renker LLC, to sell substantially all of its assets to GR Match, LLC. Guthy-Renker LLC is one of the largest direct marketing companies, with distribution of products throughout the world.
In order 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 acquisition is subject to certain conditions including approval by the Bankruptcy Court, higher and better offers, customary closing conditions, and any required government approvals.
GR Match, LLC has also committed to provide up to $4.6 million in debtor-in-possession (“DIP”) financing to facilitate the transaction and sale. This financing, subject to Bankruptcy Court approval, will allow the Company’s operations to continue normally while completing the sale. This additional liquidity will enable the Company to satisfy customary obligations associated with the daily operations of its business, including the timely payment for post-petition services, employee wages and other obligations.
In order 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 acquisition is subject to certain conditions including approval by the Bankruptcy Court, higher and better offers, customary closing conditions, and any required government approvals.
GR Match, LLC has also committed to provide up to $4.6 million in debtor-in-possession (“DIP”) financing to facilitate the transaction and sale. This financing, subject to Bankruptcy Court approval, will allow the Company’s operations to continue normally while completing the sale. This additional liquidity will enable the Company to satisfy customary obligations associated with the daily operations of its business, including the timely payment for post-petition services, employee wages and other obligations.
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