Bankrupt Loot Crate Inc., a gaming and collectible merchandise subscription service, plans to close its $30 million asset sale to a lender, overcoming objections from PayPal Inc. and other creditors.
The U.S. Bankruptcy Court for the District of Delaware Sept. 26 waived a standard 14-day stay to allow the sale to close by the company’s target of Oct. 1.
Money Chest LLC, a Loot Crate noteholder that also provided a $10 million post-bankruptcy loan, agreed earlier this month to buy Loot Crate’s inventory, intellectual property, supplies, mailing lists, and other assets.
Money Chest is affiliated with an investment group that ...
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