Xtera Communications, Inc. filed a motion in the US Bankruptcy Court for the sale of substantially all its assets on November 15, 2016. The debtor seeks the Court’s approval for the sale of substantially all its assets to H.I.G. Europe – Neptune, Ltd. for a purchase price of $10 million in cash, assumption of certain liabilities, pursuant to the asset purchase agreement dated November 15, 2016. The initial minimum overbid should be at least $0.25 million more than the initial purchase price. Subsequent bids shall be made in the minimum increment of $0.25 million. Bids should accompany by a good-faith deposit of 10% of the purchase price. The stalking horse bidder would be entitled to a break-up fee of 3% of the aggregate purchase price and expense reimbursement of $0.50 million in case of termination of the asset purchase agreement. Transaction is expected to close within 60 days of the sale hearing. Daniel Guyder of Allen & Overy LLP acted as legal counsel for the buyer.