August 17, 2023 at 12:00 am EDT
The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of substantially all the assets of MusclePharm Corporation on August 17, 2023. The Court approved the asset purchase agreement between the debtor and JW Nutritional LLC the stalking horse bidder, for the sale of substantially all its assets. The debtor?s assets include Intellectual property, Licence and Trademark.
To qualify as a qualified bidder, interested parties should submit their bids by September 15, 2023. The initial minimum overbid should be in the amount of $0.10 more than the initial purchase price. If the debtor receives any qualified bids then it would hold an auction for its assets on September 21, 2023.
At the auction, the subsequent bids would be in increments of $0.05 million. The stalking horse bidder would be entitled to a break-up fee of 2% and expense reimbursement of $0.05 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for September 22, 2023