IMRIS, Inc. filed a motion in the US Bankruptcy Court for the sale of substantially all its assets on May 25, 2015. The debtor seeks the Court's approval for the sale of substantially all its assets to Deerfield Acquisition Corp., the stalking horse bidder, for a purchase price of $9.5 million in cash and assumption of certain liabilities pursuant to the asset purchase agreement dated May 25, 2015. The debtor's assets include Robotics Business for $2.5 million and Imaging and Service Business for $7 million.

To qualify as a qualified bidder, interested parties should submit their bids by July 20, 2015. The initial minimum overbid should be at least $1.1 million more than the initial purchase price. The debtor has scheduled an auction on July 23, 2015.

At the auction, the subsequent bids would be in increments of $0.1 million. Each bidder must make a good faith deposit of 10% of the purchase price. The stalking horse bidder would be entitled to expense reimbursement capped at $1 million in case of termination of the asset purchase agreement.

The sale hearing is scheduled for July 27, 2015. Willkie Farr & Gallagher LLP is representing the stalking horse bidder.