The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of substantially all the assets of Pareteum Corporation on May 31, 2022. The Court approved the asset purchase agreement between the debtor and Circles MVNE Pte. Ltd. and Channel Ventures Group LLC, the stalking horse bidder, for the sale of substantially all its assets for a purchase price of a joint credit bid against approximately $60 million in secured claims and assumption of liabilities.

To qualify as a qualified bidder, interested parties should submit their bids by June 13, 2022. If the debtor receives any qualified bids then it would hold an auction for its assets on June 15, 2022. The minimum overbid amount for the stalking horse package, whether in one or a combination of qualified bids, shall be the amount of the expense reimbursement plus $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. The sale hearing is scheduled for June 23, 2022.