May 13, 2002 : AppliedTheory to Auction Assets

📅 May 13, 2002 - AppliedTheory Corporation, a complex hosting firm, said Friday it would sell its assets pending court approval. The company announced that it is proceeding with an auction process to sell its access business to FASTNET Acquisition Corp., and its managed hosting and development services business to ClearBlue Technologies Management, Inc.

AppliedTheory filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code on April 17, entering into what are commonly referred to as "stalking horse" contracts to sell its Internet access and managed hosting and development business units.
After other companies have the opportunity to make competitive bids, the court will ultimately determine the winning "highest or best" bid based on the price offered.
With the sale of these key assets, the company expects continuity of service for its clientele. "We expect our customers will continue to be served with an even stronger and richer product offering," said CEO Danny Stroud. "Our intention all along has been to enhance the operational strengths and legacy of our world-class service offering and customer service that have earned AppliedTheory the trust and confidence of some of the nation's largest and most complex Internet services customers."

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