ORIONS Money Stocks

[novicetrader]

NIR, actually meant to link this too,what is this 'Stalking Horse' thing? Does it mean Commons can hope to recover something at least?
https://financialpost.com/pmn/business-wire-news-releases-pmn/near-intelligence-files-for-chapter-11-protection-and-enters-into-agreement-to-sell-its-business

Prior to the Chapter 11 filing, and subject to Bankruptcy Court approval, the Company entered into a “stalking horse” asset purchase agreement with Blue Torch, to acquire substantially all of the assets of the Company in the form of a credit-bid of not less than $50 million, comprised of (i) all amounts Near owes to its lenders under the $ 16 million DIP facility and (ii) not less than $34 million of amounts Near owes to its lenders under the prepetition senior secured credit facility. The transaction is part of a sale process under Section 363 of the Bankruptcy Code that will be subject to compliance with agreed upon and Bankruptcy Court-approved bidding procedures allowing for the submission of higher or otherwise better offers, and other agreed-upon conditions. In addition, the closing of the transaction will be subject to the satisfaction or waiver of customary closing conditions. In accordance with the sale process under Section 363 of the Bankruptcy Code, notice of the “stalking horse” bid will be given to third parties and competing bids will be solicited. The Company will manage the bidding process and evaluate any bids received, in consultation with its advisors and as overseen by the Bankruptcy Court.