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February 14, 2016 12:40 PM ET

Household Products

Company Overview of National Consumer Outdoors Corporation

Company Overview

National Consumer Outdoors Corporation manufactures and retails pet supplies and pet bedding products. It offers beds, condos, scratching posts, and toys for cats; and apparel, beds, deodorizers, and panties and pads for dogs. The company offers its products online. National Consumer Outdoors Corporation was formerly known as Dallas Manufacturing Company, Inc. The company is based in Dallas, Texas. As of December 1, 2015, National Consumer Outdoors Corporation operates as a subsidiary of Central Garden & Pet Company.

4215 McEwen Road

Dallas, TX 75244-5202

United States

Phone:

972-770-8500

Fax:

972-770-8597

Key Executives for National Consumer Outdoors Corporation

National Consumer Outdoors Corporation does not have any Key Executives recorded.

National Consumer Outdoors Corporation Key Developments

Motion for Asset Sale Filed by Malibu Lighting Corporation

Malibu Lighting Corporation filed a motion in the US Bankruptcy Court for the sale of substantially all of its inventory on December 30, 2015. The debtor seeks the Court’s approval for the sale substantially all of its inventory to Sears Holdings Management Corp., the stalking horse bidder, for a purchase price of $1.79 million in cash pursuant to the asset purchase agreement dated December 30, 2015. The purchaser shall deposit $0.18 million as earnest money deposit. To qualify as a qualified bidder, interested parties should submit their bids by February 5, 2016. The initial minimum overbid should be at least $0.15 million more than the initial purchase price and include bid protection amounts. A qualified bid shall be accompanied by a deposit 10% of the purchase price. The debtor has scheduled an auction on February 9, 2016. At the auction, the subsequent bids would be in increments of $0.1 million. The stalking horse bidder would be entitled to a break-up fee of $0.05 million and expense reimbursement of $0.02 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for February 10, 2016. William J. Barrett of Barack Ferrazzano Kirschbaum & Nagelberg, LLP acted as legal advisor for Sears Holdings.

Motion for Asset Sale Approved for Malibu Lighting Corporation

The US Bankruptcy Court gave an order approving the sale of substantially all of the assets of an affiliate of Malibu Lighting Corporation on November 19, 2015. The debtor has been authorized to sell substantially all of assets of National Consumer Outdoors Corporation (Dallas Manufacturing Company, Inc.) to Central Garden and Pet Company, the winning bidder at the auction, for a purchase price of $61 million in cash and assumption of certain liabilities. The assets include those assets necessary to operate National Consumer Outdoors Corporation's business including, the assumed real property leases, equipment, inventory, receivables, prepaid expenses, intellectual property assets, business permits, books and records, goodwill and other intangibles, assigned avoidance actions, and claims related to the purchased assets, rights to the name national consumer outdoors corporation, and hardware. At the auction, that Central Garden and Pet Company emerged as the successful bidder and DMC Acquisition Co., LLC was selected as the back-up bidder.

Motion for Asset Sale and Employment of Auctioneer

Malibu Lighting Corporation filed a motion in the US Bankruptcy Court for the sale of its certain assets on November 17, 2015. The debtor seeks the Court’s approval for the sale of its certain assets through an auction with the help of Great American Global Partners, LLC for minimum $2.8 million (guaranteed amount) as a part of consultation agreement. Also, the debtor seeks courts approval for employment of Great American as the auctioneer for the sale. The debtor’s assets include its obsolete inventory. Great American shall be entitled to sale expenses of a maximum of $0.5 million if the sale proceeds exceed the guaranteed amount. Also, Great American shall be entitled to 10% of any proceeds over $3.3 million and finally, Great American shall be entitled to charge all purchasers a buyer's premium of 18% which will be added to the price of assets and which shall not be considered gross proceeds. The sale shall complete by March 31, 2016.

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