background img

The New Stuff

4Kids Entertainment to Sell Yu Gi Oh Franchise to Saban?
682 Views

4Kids Adjourns Section 363 Auction


4Kids Entertainment to Sell Yu Gi Oh Franchise to Saban?

International children;s entertainment and merchandise licensing company 4Kids Entertainment, Inc. has just announced that they have received a competing bid from 4K Acquisition Corp, which is an indirect subsidiary of Japanese corporation Konami Corp. The competing bid has Konami offering to purchase all of the assets of 4Kids in a transaction under Section 363 of the Bankruptcy Code.

Under judgement of 4Kids, Konami’s bid was a qualified bid under the terms of the bidding procedures approved by the United States Bankruptcy Court for the Southern District of New York in the Company’s Bankruptcy Case pending before the court.

The news is noteworthy because 4Kids already commenced an auction between the stalking horse bidder, Kidsco Media Ventures LLC, which is an affiliate of Saban Capital, and Konami Corporation. After several sessions of competitive bidding, the auction was adjourned in order to give bidders a chance to consider an alternative transaction between 4Kids, Konami, and Saban pursuant to which each bidder will acquire certain assets of the company. The proposed alternative transaction, if consummated, would result in a substantial improvement in the proceeds payable to 4Kids over the last bid made prior to such adjournment.

The possible alternative transaction is conditioned upon the negotiation of definitive documentation among the 4Kids, Konami and Saban and the approval of such alternative transaction by the Bankruptcy Court. There can be no assurance that such alternative transaction will be completed.

Both Konami and Saban have each agreed that their last bids made prior to the adjournment of the auction will remain binding until July 31, 2012. The last bids made by the respective bidders prior to the adjournment of the auction will result in 4Kids realizing additional proceeds from the sale of assets when compared to each of the stalking horse bid set forth in the Asset Purchase Agreement entered into between the Company and the Saban Bidder as of April 25, 2012 and the Qualified Bid submitted by Konami prior to the auction. If the proposed alternative transaction is not consummated by 4Kids, Konami and Saban, the auction will resume.

The following two tabs change content below.

Neil Raymundo

A cowardly and treacherous Toonbarn blogger who can transform into a McDonnell Douglas F-15 Eagle. Secretly wants to replace Toonbarn Rob as leader of the Decepticons.

Recently Published

shopkins-post-620x348
»

Shopkins Movie Arriving This Fall

UPHE Content Group (Universal Pictures Home Entertainment) has signed ...

Toonami
»

The Voice of Moltar (On Space Ghost Coast to Coast and the first few seasons of Toonami) has Passed away

On September 18th, news broke over twitter and facebook, that C. ...

star-wars-rebels-post13
»

Season 3 of Star Wars Rebels Premieres Saturday

The season 3 of Star Wars Rebels will start September 24, Saturday, ...

kitty-is-not-a-cat-post-620x366
»

Kitty Is Not a Cat To be Distributed by Jetpack

BES Animation (Monster Beach) and Jetpack Distribution joined forces ...

super-wings-post3-620x403
»

Super Wings Now Available on Amazon

Thanks to the collaboration between leading Korean content producer ...

miffy
»

Miffy Series Arrives to SVOD and Nick Jr.

Two captivating animated preschool series starring Miffy the little ...

1030994-minkoff-and-morris-team-new-cg-preschool-series
»

Genius Partners with Frozen, Lion king Creatives For Rainbow Rangers

Genius Brands International, Inc. has partnered with Rob Minkoff and ...

blazblue-central-fiction-game-2
»

BlazBlue: Central Fiction Targets November Release for North America

North American fans of Aksys Games’ anime-inspired 2D fighting game ...

we-bare-bears-post3
»

We Bare Bears and Powerpuff Girls Coming to the Philippines

A couple of Cartoon Network’s most popular properties will be ...

Skip to toolbar