Polished.com Inc. filed a motion in the US Bankruptcy Court for the sale of substantially all its assets on May 24, 2024. The debtor seeks the Court?s approval for the sale of substantially all its assets to the winning bidder. To qualify as a qualified bidder, interested parties should submit their bids by June 7, 2024, along with good-faith deposit in the amount of 10% of the bid price.

The initial minimum overbid should be at least $0.25 million more than the initial purchase price. The debtor has scheduled an auction on June 18, 2024. The sale hearing is scheduled for June 25, 2024.

The proceeds from the sale would be used to pay off the amount owed to the debtor?s pre-petition lender.