Diabetes America Assets Draw No Additional Bidders, Auction Cancelled

Diabetes America, Inc. notified the bankruptcy court in Houston, Texas today that it had not received any qualified competing bids for its assets by the court's bid deadline.  The court had set the deadline for competing bids in an August 18th court order.  As a result of the lack of bids, Diabetes America also notified the court that it was cancelling the auction that had been scheduled to occur on October 4th.  The company will now seek court approval of a sale of its assets to its stalking horse bidder, EDG Partners Fund II, L.P.

For background on Diabetes America and its bankruptcy filing, please see our earlier post about the company: http://blog.ch11cases.com/2010/12/diabetes-america-files-for-chapter-11.html

To access copies of bankruptcy court filings in this case, please visit our website: http://www.chapter11cases.com/Diabetes-America-Inc_c_13874.html