The US Bankruptcy Court approved the bidding procedure related to sale of assets of Teletouch Communications Inc. on November 13, 2013. As per the order, the Court has authorized the Trustee to enter into an asset purchase agreement with BMS Operating Company as stalking horse bidder for sale of debtors corporate headquarter assets for $3.3 million pursuant to agreement signed on October 29, 2013. The Stalking Horse Bidder has tendered a good faith deposit in the amount of $0.05 million to the Trustee which is being held in trust.

To qualify as a qualified bidder, interested parties should submit their bids by December 18, 2013, along with a good faith deposit in the amount of $0.05 million. The minimum cash purchase price will be not less than $3.5 million and the subsequent bids must be in increments of $0.03 million. The stalking horse bidder will be entitled to receive a breakup fee of $0.05 million by the Trustee.

The auction will be held on December 20, 2013. The sale hearing will be held on January 6, 2014.