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Ocimum Extends Deadline to Bid on Bankrupt Gene Logic Assets


Ocimum Biosolutions has rescheduled a planned auction to sell the assets of its genomic services and database subsidiary Gene Logic to accommodate newly identified potential buyers, the company said this week.

The auction for the assets of Gene Logic, which filed for Chapter 11 in mid-October last year, will now take place on Jan. 24. Interested buyers have until Jan. 20 to place their bids. A sale hearing to approve the auction has been set for Jan. 26.

Previously, the auction was scheduled for Jan. 6, with a Jan. 4 deadline for submitted bids and a sale hearing scheduled for Jan. 10 in the US Bankruptcy Court for the District of Delaware (BI 12/22/2011).

Ocimum said that it extended the deadline because it received a "high level of interest" from an undisclosed number of potential buyers in the last several days. It decided to delay the auction to allow these interested parties "additional time to perform their due diligence and submit a bid," the company said.

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