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Maximus’ proposed sale to Standard Industrial Supply did not reach approval. The court had set a November 25 hearing on the Debtors’ motion to approve the asset purchase agreement and an objection to that motion through the sale hearing notice, but the Debtors moved the day before the hearing to withdraw the sale approval request because the purchaser no longer intended to buy the assets. The Debtors said the hearing was unnecessary and that they were evaluating next steps in the motion to withdraw the APA approval motion.
The withdrawal also mooted the proposed distribution of sale proceeds: Maximus separately withdrew the proceeds-distribution motion tied to the same failed transaction in the proceeds withdrawal motion. At the November 25 hearing, counsel for the Debtors, Standard Industrial Supply, Cardinal Contracting, Centier Bank, Leaf Capital Funding, and Plymouth 3701 appeared, and the court docket records both the APA approval motion and proceeds-distribution motion as withdrawn in open court in the hearing entry. For creditors, the key development is that a pending monetization path dropped out, leaving Maximus to reset its restructuring strategy rather than move forward with sale approval and proceeds distribution.
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