The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of certain assets of Hoku Corporation on September 27, 2013. The Court approved the bidding procedures for the sale of certain assets of Hoku Materials, Inc., debtor's affiliate through an auction. The debtor's assets include assets of the estate located at debtor's manufacturing facility in Pocatello, Idaho.

The assets include both real and personal property. The property will be marketed both as a bulk lot, as well as a piecemeal. To qualify as a qualified bidder, interested parties should submit their bids by October 18, 2013.

For bulk sale, a bid must include a sale deposit in the amount of $0.25 million. 10% premium shall be paid in addition to purchase price. The Trustee will select the best and highest bid as starting bid.

The debtor has scheduled an auction for bulk sale on October 23, 2013. At the auction, the subsequent bids would be in increments of not less than $0.03 million. Auction for piecemeal lots will take place from October 23, 2013 to October 24, 2013.

A successful piecemeal bidder will deposit 25% of the purchase price in case of Personal Property and $0.03 million deposit for the real property. The bid must include a sale deposit in the amount of $0.03 million. 15% premium shall be paid in addition to purchase price.

Objections to the sale shall be filed by October 16, 2013. The sale hearing is scheduled for November 12, 2013.