Global Eagle Entertainment Inc.'s proposed two-step bidding process and demand for cash-only bids could “chill” competitive bidding and discourage better offers for the bankrupt in-flight WiFi provider, a bankruptcy court said.
“None of the judges in this district have ever approved such a process,” Judge John T. Dorsey of the U.S. Bankruptcy Court for the District of Delaware said Tuesday, striking those proposals from the company’s bidding procedures.
Dorsey ultimately approved the bidding procedures after Global Eagle made the changes, and approved the company’s debtor-in-possession financing on a final basis.
Los Angeles-based Global Eagle filed for bankruptcy in July with ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.