The Sureties filed their objection on the last day.
4. Auction of the PLR Assets. The PLR Stalking Horse is designated as
the stalking horse bidder for the PLR Assets, subject to higher or better bids under the terms of
the Bidding Procedures. Any Qualified Bid for the PLR Assets under the Bidding Procedures
must be in cash, include marked copies of the PLR Transaction Documents (including the
proposed form of Sale Order) showing the proposed changes as compared to the PLR Stalking
Horse Bid, and include a Purchase Price at least equal to $200,000,000 plus an initial bid
increment of $4,500,000 in cash. Bidding on the PLR Assets at any Auction will proceed in
increments of not less than $1,000,000. Pursuant to the Bidding Procedures Order, if more than
one Qualified Bid is received for the PLR Assets, or if the Debtors otherwise determine that it
would promote the sale process, the Debtors will conduct an Auction for the PLR Assets.
The initial Auction currently is scheduled to take place at offices of the Debtors' counsel, Jones
Day, at 222 East 41st Street, New York, New York 10017, at 10:00 a.m. (prevailing Eastern
Time) on May 16, 2016, and may be rescheduled, or the location may be changed, as set forth in
the Bidding Procedures. Only parties that have submitted a Qualified Bid, as set forth in the
Bidding Procedures Order, by no later than May 9, 2016 at 5:00 p.m. (prevailing Eastern Time),
or that otherwise are Potential Bidders under the Bidding Procedures and are invited by the
Debtors, may bid at the Auction.
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