The US Bankruptcy Court approved the bidding procedures relating to the sale of substantially all the assets of IMRIS, Inc. on June 16, 2015. As per the order, bid deadline has been scheduled for July 17, 2015. Auction shall be held on July 21, 2015.

The debtor has entered into an asset purchase agreement, dated May 25, 2015 with Deerfield Acquisition Corp., stalking-horse bidder, for the sale of substantially all the assets for a purchase price of $9.5 million credit bid. The stalking-horse agreement is subject to competitive bidding. The bidding procedures provide that the debtor may also consider bids in the form of a recapitalization transaction effectuated through a chapter 11 plan of reorganization.

Overbid amount should be equal to the stalking-horse purchase price plus $0.10 million. The sale hearing will be held on July 24, 2015.