Trustee elects to push deadline given high level of interest and bids to date
Chicago, IL July 23, 2019– 7 am EDT: Hilco Streambank announced today that the Chapter 7 Trustee for the Johnson Publishing Company, LLC, in consultation with her advisors and the secured lender, has adjourned the auction scheduled for the historic Johnson Publishing photo and media archive until Wednesday, July 24, 2019 at 9:00 a.m. Central Time.
The Chapter 7 Trustee for Johnson Publishing, Miriam Stein, said, “the interest level and active participation in the sale process for the photography and media archive has been truly remarkable. Given the high level of activity, we elected to adjourn the auction process until later in the week to allow for continuing discussions with interested parties.”
Gabe Fried, CEO at Hilco Streambank, the agent hired to run the auction process, confirmed the extension and encouraged others to participate while there is still time to do so. Fried said, “Qualified bidders may appear in person, at the offices of Fox Swibel Levin & Carroll, 200 West Madison Street, Suite 3000, Chicago, IL 60606, or by telephone, via a conference dial in to be provided to qualified bidders.”
Mr. Fried indicated that at the previously held auction on July 17, 2019, the high bid was $13 million.
Parties interested in participating in the Auction must provide (1) a deposit equal to $1.5 million (or top up their previously submitted deposit), and (2) a signed asset purchase agreement, on or before Tuesday, July 23, 2019 at 5:00 p.m. Central Time, and are encouraged to contact the Hilco Streambank representatives identified below.
A hearing to approve the sale will be held on Thursday, July 25, 2019.
The sale is scheduled to close on Friday, July 26, 2019.