PlusFunds received approval from U.S. Bankruptcy Court in New York of proposed bidding procedures for its sale under Chapter 11 regulation. PlusFunds agreed to sell its hedge fund operations to FTVentures, a private equity manager, but the deal is subject to an auction seeking "higher or better offers," according to the statement.
Bids are due by noon EST April 12; the auction will be held on April 17, and the company will be sold to the highest bidder, according to a statement from the company. A U.S. Bankruptcy Court hearing is scheduled to approve the sale on April 18. Interested parties should contact David Peress, PlusFunds chief restructuring officer, at 212-653-1903 or [email protected]