
A Delaware bankruptcy judge signed off Monday on the sale of roughly $6 million in Connecticut tax credits to Apple Inc. from Prospect Park Networks LLC (PPN), a liquidating Hollywood production company that tried to revive soap operas
One Life to Live and
All My Children.
The asset transfer was conducted as a private sale under Section 363 of The Bankruptcy Code with Apple set to pay $5.3 million for the tax credits, with the bulk of the money going directly to secured PPN creditor EP Financial Solutions, which had extended a tax credit loan in June 2013, according to court records.
The sale was scheduled to be considered in Wilmington on Monday before U.S. Bankruptcy Judge Mary. F. Walrath, but the hearing was canceled after the court simply entered an order approving the unopposed motion.
“This sale order and the consummation of the sale of the tax credits are supported by good business reasons and will serve the best interests of the debtors, its estates and creditors by maximizing the value obtained,” the order said.