The US Bankruptcy Court for the District of Connecticut has approved the Asset Purchase Agreement between Cannondale and its former 'stalking horse', Pegasus Partners II, L.P. However, there's no cash to satisfy creditors in full and existing stockholders walk away with nothing.
Cannondale purchase is officially nodded through
Based on the terms of the Asset Purchase Agreement, the US Bankruptcy Court was told that there will be insufficient funds from the proceeds of the asset sale to fully satisfy the claims of its creditors.
And Cannondale’s equity has no value: its existing stockholders will not receive any distributions on account of their shares of common stock in connection with the resolution of the bankruptcy case.
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