The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of certain assets of Casa Systems, Inc. on May 2, 2024. The Court approved the asset purchase agreement between the debtor and Vecima Technology Inc., the stalking horse bidder, for the sale of its certain assets. The debtor?s assets include substantially all of their assets related to their Cable business including, but not limited to, the equipment, intellectual property, unexpired leases, contract rights, and other assets related to or necessary to operate the business currently operated by the Debtors.

To qualify as a qualified bidder, interested parties should submit their bids by May 24, 2024. The initial minimum overbid should be in the amount of $0.15 million more than the initial purchase price. If the debtor receives any qualified bids, then it would hold an auction for its assets on May 29, 2024.

At the auction, the subsequent bids would be in increments of $0.15 million. The stalking horse bidder would be entitled to a break-up fee of $0.6 million and expense reimbursement of $0.38 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for June 4, 2024.