Velti gets court approval for sale of marketing units

|By:, SA News Editor

A U.S. bankruptcy court has signed off on the sale of Velti's (VELT -1.4%) U.S., U.K., and Indian mobile marketing businesses to Blackstone's credit division (GSO Capital).

The deadline for new bids to be made for the unit is Dec. 16, and a hearing to approve the business' sale to the top bidder is set for Dec. 20.

The sale was announced on Nov. 4, in tandem with Velti's Chap. 7 and Chap. 11 filings for various U.S. units.