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Disney

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The declaration says Disney agreed to pay $7.5 million of the $20 million cash consideration up front and before the Petition Date, $2 million of which serves as a refundable good faith deposit.

Disney agreed to pay $7.5 million of the $20 million cash consideration up front and prior to the Petition Date, rather than at closing, $2 million of which serves as a refundable good faith deposit.

Declaration of Adam Dunayer in Support of the Debtor's Bidding Procedures Motion, Case 26-11603 (BLS), Doc 17 · US Bankruptcy Court, District of Delaware (via CourtListener RECAP) · archived copy · checked 19 Oct 2026 · Cite this fact · the story

The declaration says the Stalking Horse Transaction is proposed to serve as a baseline bid for prospective bidders and will be subject to higher and otherwise better bids for the Disney Target Assets under the Bidding Procedures.

The Stalking Horse Transaction is proposed to serve as a baseline bid for prospective bidders to negotiate from and will be subject to higher and otherwise better bids for the Disney Target Assets pursuant to the Bidding Procedures.

Declaration of Adam Dunayer in Support of the Debtor's Bidding Procedures Motion, Case 26-11603 (BLS), Doc 17 · US Bankruptcy Court, District of Delaware (via CourtListener RECAP) · archived copy · checked 19 Oct 2026 · Cite this fact · the story

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The declaration says the vast majority of the employees to whom Disney made offers accepted them.

Disney made offers to certain of the Debtor's employees and the vast majority of such employees accepted the offers.

Declaration of Adam Dunayer in Support of the Debtor's Bidding Procedures Motion, Case 26-11603 (BLS), Doc 17 · US Bankruptcy Court, District of Delaware (via CourtListener RECAP) · archived copy · checked 19 Oct 2026 · Cite this fact · the story

The declaration says Disney agreed to make the newly hired employees available to provide transition services to Character for up to five months.

Disney agreed to make those newly hired employees available to provide transition services to Character for up to five months.

Declaration of Adam Dunayer in Support of the Debtor's Bidding Procedures Motion, Case 26-11603 (BLS), Doc 17 · US Bankruptcy Court, District of Delaware (via CourtListener RECAP) · archived copy · checked 19 Oct 2026 · Cite this fact · the story

The declaration in support of the motion (Doc 17) says Disney agreed to hire the majority of Character's workforce, including its chief executive officer, up front and before the Petition Date.

Disney agreed to hire the majority of Character's workforce, including its chief executive officer, up front and prior to the Petition Date.

Declaration of Adam Dunayer in Support of the Debtor's Bidding Procedures Motion, Case 26-11603 (BLS), Doc 17 · US Bankruptcy Court, District of Delaware (via CourtListener RECAP) · archived copy · checked 19 Oct 2026 · Cite this fact · the story

The filing says that if higher or better offers are unavailable, or if the transaction with Disney is not approved, Character's platform will be wound down.

If such offers are unavailable, or if the transaction with Disney is not approved, Character's platform will be wound down.

Debtor motion for bidding procedures and Disney as stalking horse purchaser, Case 26-11603 (BLS), Doc 15 · US Bankruptcy Court, District of Delaware (Stretto case site) · archived copy · checked 19 Oct 2026 · Cite this fact · the story

The filing says Disney's transaction is subject to higher and better offers through a sale process run by Houlihan Lokey.

Disney's transaction will be subject to higher and better offers through a sale process conducted by Houlihan Lokey ("Houlihan")

Debtor motion for bidding procedures and Disney as stalking horse purchaser, Case 26-11603 (BLS), Doc 15 · US Bankruptcy Court, District of Delaware (Stretto case site) · archived copy · checked 19 Oct 2026 · Cite this fact · the story

The filing says the vast majority of the debtor's employees offered roles at Disney accepted their offers.

The vast majority of the Debtor's employees offered roles at Disney accepted their offers.

Debtor motion for bidding procedures and Disney as stalking horse purchaser, Case 26-11603 (BLS), Doc 15 · US Bankruptcy Court, District of Delaware (Stretto case site) · archived copy · checked 19 Oct 2026 · Cite this fact · the story

The filing says that under the exclusivity and prepayment letter agreement signed on 18 September 2026, Disney agreed to hire the majority of the debtor's workforce, including its chief executive officer, up front.

Character signed the agreements on September 18, 2026. ... Pursuant to the terms of the EPA ... (i) Disney agreed to hire the majority of its workforce, including the Debtor's chief executive officer, up front

Debtor motion for bidding procedures and Disney as stalking horse purchaser, Case 26-11603 (BLS), Doc 15 · US Bankruptcy Court, District of Delaware (Stretto case site) · archived copy · checked 19 Oct 2026 · Cite this fact · the story

The motion asks for a break-up fee and expense reimbursement of $700,000 for Disney.

including a break-up fee and expense reimbursement of $700,000 (the "Break-Up Fee") for Disney Worldwide Services, Inc. ("Disney") as the stalking horse purchaser

Debtor motion for bidding procedures and Disney as stalking horse purchaser, Case 26-11603 (BLS), Doc 15 · US Bankruptcy Court, District of Delaware (Stretto case site) · archived copy · checked 19 Oct 2026 · Cite this fact · the story

The Disney Target Assets include a perpetual, worldwide, non-exclusive licence to certain of the debtor's intellectual property and related technology, and the purchase of unreleased claims, if any, against the newly hired employees.

The Disney Target Assets include a perpetual, worldwide, non-exclusive license to certain of the Debtor's intellectual property and related technology and the purchase of unreleased claims (if any) against the newly hired employees.

Debtor motion for bidding procedures and Disney as stalking horse purchaser, Case 26-11603 (BLS), Doc 15 · US Bankruptcy Court, District of Delaware (Stretto case site) · archived copy · checked 19 Oct 2026 · Cite this fact · the story

The filing says Disney will pay $20 million in cash under the Stalking Horse Transaction Agreement, of which $7.5 million was paid before the petition, including a $2 million refundable good-faith deposit.

Disney agreed to pay, pursuant to the EPA, $7,500,000 of the $20,000,000 cash consideration up-front, $2,000,000 of which serves as a refundable good-faith deposit.

Debtor motion for bidding procedures and Disney as stalking horse purchaser, Case 26-11603 (BLS), Doc 15 · US Bankruptcy Court, District of Delaware (Stretto case site) · archived copy · checked 19 Oct 2026 · Cite this fact · the story

The debtor's motion (Doc 15) was filed on 13 October 2026 and asks the court to approve bidding procedures and bid protections and to approve the designation of Disney Worldwide Services, Inc. as stalking horse purchaser for the Disney Target Assets.

Case 26-11603-BLS Doc 15 Filed 10/13/26 ... DEBTOR'S MOTION ... (A) APPROVING BIDDING PROCEDURES AND BID PROTECTIONS ... (D) APPROVING THE DESIGNATION OF DISNEY WORLDWIDE SERVICES, INC. AS STALKING HORSE PURCHASER WITH RESPECT TO THE DISNEY TARGET ASSETS

Debtor motion for bidding procedures and Disney as stalking horse purchaser, Case 26-11603 (BLS), Doc 15 · US Bankruptcy Court, District of Delaware (Stretto case site) · archived copy · checked 19 Oct 2026 · Cite this fact · the story

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Disney

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