Troika Media Group, Inc. filed a motion in the US Bankruptcy Court for the sale of substantially all its assets on December 7, 2023. The debtor seeks the Court?s approval for the sale of substantially all its assets to AcquisitionCo LLC, the stalking horse bidder, for a purchase price of shall be no less than $51 million in cash pursuant to the asset purchase agreement, dated December 7, 2023. To qualify as a qualified bidder, interested parties should submit their bids by January 15, 2023, along with good-faith deposit in the amount of 10% of the bid price.

The initial minimum overbid should be at least $0.5 million more than the initial purchase price. The debtor has scheduled an auction on January 18, 2023. At the auction, the subsequent bids would be in increments of $0.50 million.

The stalking horse bidder would be entitled to a break-up fee and expense reimbursement in case of termination of the asset purchase agreement. The sale hearing is scheduled for January 18, 2023.