The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of substantially all the assets of Gelesis Holdings, Inc., on April 19, 2024. The Court approved the asset purchase agreement between the debtor and T-Investments S.r.l. and Andromeda Energy S.r.l., the stalking horse bidder, for the sale of substantially all its assets for a purchase price of $15 million in cash. To qualify as a qualified bidder, interested parties should submit their bids by May 07, 2024.

The initial minimum overbid should be in the amount of at least $15.74 million. If the debtor receives any qualified bids then it would hold an auction for its assets on May 14, 2024. At the auction, the subsequent bids would be in increments of $0.1 million.

The stalking horse bidder would be entitled to a break-up fee of $0.45 million (3% of Purchase Price) and expense reimbursement of $0.09 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for May 23, 2024.