Bulk Offering-New Stock & Upfitted Jeep Wranglers: Bids Due
Final Bids Due September 13, 2019
to September 13, 2019
By Order of the U.S Bankruptcy Court Case No. 19-11095, in the matter of JRV Group USA
BULK OFFERING OF APPROX (300) NEW STOCK AND UPFITTED 2018 JEEP WRANGLER UNLIMITED SPORT, SAHARA AND RUBICON MODELS
Onyx Asset Advisors, LLC and GA Global Partners have been retained as the Exclusive Bulk Sales Agents to Sell more than 250 New Stock and Up-fitted 2018 Jeep Wrangler Unlimited models (the “On-Site Upfitted Vehicles”), 25 Demo Stock and Up-fitted Jeep Wrangler Unlimited models (the “On-Site Demo Vehicles”), as well as 30 additional dismantled Up-fitted Jeeps (the “Dismantled Vehicles”) of the now Bankrupt JRV Group. (By Order of the U.S Bankruptcy Court Case No. 19-11095, in the matter of JRV Group USA)
Written and electronic copies of Final Bid due not later than 4:00 p.m. (prevailing Eastern time) on September 13, 2019.
The Auction will commence no later than September 17, 2019 at 10:00 a.m. (prevailing Eastern Time).
On September 19, 2019, at 1:00 p.m. (Eastern time) the Bankruptcy Court shall conduct the Sale Hearing.
For More Information Contact Kevin Otus – Kotus@thinkONYX.com
For Access to the full data room – please return an executed copy of the Non-Disclosure Agreement available via the link below to kotus@thinkONYX.com
The great majority of the more than 275 available On-Site Upfitted Vehicles and On-Site Demo Vehicles may not be sold or leased to consumers in their current condition because they are subject to National Highway Traffic Safety Administration (“NHTSA”) recalls for being in excess of gross vehicle weight ratings (known as GVWR) and/or because their roof-top tent may crack and detach (which have been designated by NHTSA as recalls 19V-190 and 19V-320,respectively). The company was forced into a Chapter 11 bankruptcy after two recalls stalled sales, and the company became unable to service its debt or pay creditors. The primary recall relates to the gross weight of certain vehicles which exceeded NHTSA standards once retrofitted.
Under the terms of the Asset Purchase Agreement (available below), JRV Group is not obligated to consummate any Sale unless NHTSA shall have approved, consented to or stated in writing that it does not object to a remedy for the On-Site Upfitted Vehicles and On-Site Demo Vehicles that was proposed to it by JRV Group, so long as such remedy shall relieve JRV Group of any and all potential liability under Sections 30112 and 30165 of title 49 of the United States Code. Also, a Qualified Bidder (as defined in the `Asset Purchase Agreement) must agree and covenant to (a) satisfy and comply with all of NHTSA’s requirements in such recall notices and any future recall notices with respect to the vehicles; (b) comply with all applicable laws, rules and regulations in respect of the vehicles, including (without limitation) the National Traffic and Motor Vehicle Safety Act (as amended), related regulations and NHTSA’s requirements; and (c) ensure that before a Successful Bidder (as defined in the Asset Purchase Agreement) sells, leases, transfers or otherwise disposes of vehicles to third parties, such vehicles are compliant with applicable laws, rules and regulations and safe for use.
Access to the approved Bidding Procedures, Sale Order, as well as the form Asset Purchase Agreement can be found on the US Courts website (https://www.uscourts.gov/court-records/find-case-pacer ) under “U.S Bankruptcy Court Case No. 19-11095, in the matter of JRV Group USA”.