A.N. Global Group Holdings LTD, filed a motion in the US Bankruptcy Court for the sale of substantially all its assets on September 15, 2023. The debtor seeks the Court?s approval for the sale of substantially all its assets to Blue Torch Finance LLC, the stalking horse bidder, pursuant to the asset purchase agreement. To qualify as a qualified bidder, interested parties should submit their bids by November 9, 2023, along with good-faith deposit in the amount of $10 million of secured claims under the Pre-Petition Credit Facility to Sellers.

The initial minimum overbid should be at least $0.25 million more than the initial purchase price. The debtor has scheduled an auction on November 13, 2023. At the auction, the subsequent bids would be in increments of $0.25 million.

The stalking horse bidder would be entitled to a break-up fee and expense reimbursement of $2.25 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for November 16, 2023. The proceeds from the sale would be used to pay off the amount owed to the debtor?s pre-petition lender.