The "cure amount" for Internap in the LEHMAN BROTHERS BANKRUPTCY is estimated to be $114,917.00...
Exhibit A
INTERACTIVE TECHNOLOGIES $0.00
INTERCALL INC. $120.08
INTERNAP NETWORK SERVICES CORP $114,917.00
INTERNATIONAL DATA CORP $0.00
International Lead & Zinc Study Group $0.00
Page 7 of 13
docket:
List of IT Closing Date Contracts (updated as of 9/19/2008 1:07 AM *)
[P.S.: follow up and better explanation in the comment section, thanks to Rob for asking]
Tuesday, September 23, 2008
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2 comments:
Ok, I give up. What's a 'cure amount'?
Ciao Robert,
shame on me for no explanation.
Let me also take the opportunity to apologise as I am posting very little recently (very busy with my daily job...) - the blog will be back to "normal" soon...
As bankruptcy is another area of interest for me, I was looking into "the mother" of them all, and planning to send you a short email as there's staff you might be interested in (while very little for my limited coverage).
When contracts and leases are proposed to be assumed and assigned to a new buyer in a bankruptcy proceeding, a "cure amount" is what the debtor proposes to pay to “cure” any defaults. Lehman is selling to Barclays, and they must assume several contracts.
The debtor must cure these defaults in cash before the contract or lease can be assumed and assigned to the buyer.
Not unusual that Companies do not agree on the amount (as an example, I read an objection saying: wait a minute, you say $ 4.000, we believe it's no less than $100.000...), and I believe, by heart, there is time untill Oct 3 to object to the suggested amounts.
Here is the link to the IT contracts assumed or refused.
To see the list of Contracts and Leases to be assumed and assigned to the Purchaser at the closing (the "Closing Date Contracts"), please click on the links below:
List of IT Closing Date Contracts (updated as of 9/19/2008 1:07 AM *)
(the link may work only on the original post).
You will notice several Telecoms involved (SAVVIS, AT&T BT, MCI,YIPES etc.) and a few large amounts as "cure" - say $600.000 for ATT WIRELESS, $22.000.000 for Microsoft licensing, etc. etc. May be worth a look, expecially to see who was working with Lehman (and will be working for Barclays...)
Thanks for your comment, I really appreciated.
Ciao
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