USA: Court approves Vlasic Foods bidding procedures; competitive bids due March 27th
Vlasic Foods International (OTC Bulletin Board: VLFIQ) today announced that the U.S. Bankruptcy Court in Wilmington, Del., approved bidding procedures regarding the sale of its namesake "Vlasic" pickles and condiments and "Open Pit" barbecue sauce businesses. The Company announced January 29th that it agreed to sell the businesses to H.J. Heinz Company for $195 million, subject to closing adjustments and subject to higher and better offers via the Court supervised competitive sale process. That same day, Vlasic Foods and its domestic subsidiaries also announced that it voluntarily filed petitions under Chapter 11 of the U.S. Bankruptcy Code in order to implement the terms of the Heinz sale pursuant to section 363.
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