REFFIND Limited (ASX:RFN) has advised that the United States Bankruptcy Court For The District Of Delaware has approved the sale of the assets of the Chapter 7 estate of Loyyal Corporation to Hayaat Global SFO DMCC (Hayaat Global) as the highest and successful bidder. The decision was made after the bidding process was completed.
This means that the Consortium which included RFN has not been the successful bidder for the Loyyal assets. However, the Consortium remains the underbidder if Hayaat Global does not complete the sale, which is highly unlikely.
Presently, RFN is in discussions with Hayaat in connection to RFN acquiring up to 25% of the vehicle that will own the Loyyal assets. The discussions do not involve the Consortium. If the ongoing negotiations turn out to be successful, Reffind may end up having a 25% interest in the assets of Loyyal.
In the upcoming week, the parties are anticipated to move ahead with the formal documentation process.
ON 20 November 2020, RFN stock quoted at $0.002 at 10:38 AM AEDT.