EcoSphere Technologies Inc. (fka ESPHQ)

[Ecomike]

ecosphere technologies inc
Bidding Procedure Approved for Ecosphere Technologies, Inc.
Apr 8 19

The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of substantially all the assets of Ecosphere Technologies, Inc. on April 8, 2019. The debtor has been authorized to sell its substantially all assets to the winning bidder at the auction. To qualify as a qualified bidder, interested parties should submit their bids by April 1, 2019, along with good faith deposit in the amount of $0.50 million. The debtor has scheduled an auction on April 17, 2019. The bidding at the Auction shall start in the amount of the highest and best Qualified Bid as disclosed by the Debtors to all Qualified Bidders prior to commencement of the Auction. Qualified Bidders shall be permitted to submit and raise their bids until all Qualified Bidders cease bidding and raising their bids. Each competing bid must be in increments of at least $0.10 million greater than the immediately preceding competing bid and each competing bid must be payable in Cash. By agreement of the Debtors and Brisben, Brisben will be able to credit bid in the amount of $6.90 million, which is the approximate amount of its claim. If Brisben successfully credit bids for the Assets, it shall pay $0.04 million to the Debtors’ bankruptcy estates at the Closing; and if Brisben does not successfully credit bid for the Assets it shall pay, by way of a carve-out from Brisben’s secured claim, one hundred and thirty-seven thousand, five hundred dollars and zero cents $0.14 million to the Debtors’ bankruptcy estates at the Closing. The sale hearing is scheduled for April 17, 2019. The sale is excepted to close on within 5 business days of the entry of the sale order.
DIP Financing Approved for Ecosphere Technologies, Inc.
Feb 13 19

The US Bankruptcy Court gave an order approving the DIP financing agreement for Ecosphere Technologies, Inc. on February 13, 2019. As per the order, the debtor has been authorized to obtain a DIP financing in the total amount of $0.10 million from TeslaGREEN USA, Inc. The DIP financing obtained by the debtor shall be paid in the form of $25,000 per month for 4 months. TeslaGREEN shall not be entitled to any interest on the Loan and shall not have the ability to credit bid the amount of its Loan in the sale of substantially all of the Debtor’s assets. The proceeds of DIP financing would be used to fund the debtor’s operations during the Chapter 11 cases.
Motion for Sale of Substantially All Assets Filed by Ecosphere Technologies, Inc.
Feb 12 19

Ecosphere Technologies, Inc. filed a motion in the US Bankruptcy Court for the sale of substantially all its assets on February 12, 2019. The debtor seeks the Court’s approval for the sale of substantially all its assets to the winning bidder at the auction. To qualify as a qualified bidder, interested parties should submit their bids by April 1, 2019, along with good faith deposit in the amount of $0.50 million. The debtor has scheduled an auction on April 15, 2019. The bidding at the Auction shall start in the amount of the highest and best Qualified Bid as disclosed by the Debtors to all Qualified Bidders prior to commencement of the Auction. Qualified Bidders shall be permitted to submit and raise their bids until all Qualified Bidders cease bidding and raising their bids. Each competing bid must be in increments of at least $0.10 million greater than the immediately preceding competing bid and each competing bid must be payable in Cash. By agreement of the Debtors and Brisben, Brisben will be able to credit bid in the amount of $6.90 million, which is the approximate amount of its claim. If Brisben successfully credit bids for the Assets, it shall pay $0.04 million to the Debtors’ bankruptcy estates at the Closing; and if Brisben does not successfully credit bid for the Assets it shall pay, by way of a carve-out from Brisben’s secured claim, one hundred and thirty-seven thousand, five hundred dollars and zero cents $0.14 million to the Debtors’ bankruptcy estates at the Closing. The sale hearing is scheduled for April 15, 2019. The proposed closing of sale on or before April 19, 2019.

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