The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of its new equity interest of Cyxtera Technologies, Inc. on June 29, 2023. The Court approved the asset purchase agreement between the debtor and successful bidder. To qualify as a qualified bidder, interested parties should submit their bids by July 31, 2023.

The initial minimum overbid should be in the amount of 2% increase in cash, cash equivalents, or other such consideration. If the debtor receives any qualified bids then it would hold an auction for its assets on August 7, 2023. At the auction, the subsequent bids would be in increments of $0.1 million.

The stalking horse bidder would be entitled to a break-up fee and expense reimbursement in case of termination of the asset purchase agreement.