Phoenix Payment Systems Inc., an international processor of credit-card, debit-card and electronic-check transactions, got court authorization for a $50 million sale to North American Bancard LLC’s EPX Acquisition Co. (In re Phoenix Payment Systems Inc., Bankr. D. Del., 14-11848, sale approved 9/23/14).
There were no competing bids, so an auction was canceled.
The purchase price is intended to pay all undisputed creditors in full and provide a “substantial” recovery for shareholders, Phoenix said Aug. 4. The buyer will also assume specified liabilities in taking over the assets.
Bancorp Bank, the processor and sponsor bank for the sales ...
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