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Article: Evolve Announces Definitive Agreement to Sell Substantially All of Its Assets To Primavera Systems, Inc. Also Files Chapter 11 Petition and Anticipates Nasdaq Delisting.
- Article from:
- PR Newswire
- Article date:
- March 20, 2003
CopyrightCOPYRIGHT 2003 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Evolve Software, Inc. announced today that it has signed a definitive asset purchase agreement through which Primavera Systems, Inc. would acquire substantially all of the assets of Evolve for $10 million in cash (subject to adjustment to reflect changes in receivables) and the assumption of $3 million of certain liabilities for a total of $13 million. In connection with the signing of the agreement, Evolve has filed a voluntary petition under Chapter 11 of the United States Bankruptcy Code in the U. S. Bankruptcy Court for the District of Delaware. Pursuant to Sections 363 and 365 of the Bankruptcy Code, the proposed asset sale will be placed before the court for its ...