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Soupman Emergency Bankruptcy Motion Filed

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Soupman filed with the U.S. Bankruptcy Court an emergency motion for entry of an order to re-open and supplement the record with respect to the Debtors’ previously-filed motion to approve the sale of substantially all of the Debtors’ assets.

The motion explains, “Shortly after the Petition Date, the Debtors filed the Sale Motion, seeking to sell substantially all of their assets to Soupman Lending, the Debtors’ postpetition lender, for a credit bid of $1,785,000….On September 1, 2017, the DIP Lender delivered a Notice of Default to the Debtors, Hillair, and the Office of the United States Trustee. In the following days, the Debtors discuss the sale with the Gallant Brands, the proposed purchaser, the Office of the United States Trustee, the DIP Lender, and Hillair in order to resolve the Hillair objection and have a consensual resolution regarding the sale of the Debtors’ assets.”

In addition, “The Debtors believe that all parties are currently in agreement with the terms of a consensual sale. As such, the Debtors have scheduled a meeting of the Debtors’ Board of Directors for Wednesday, September 6, 2017 to discuss the approval of the revised terms of the sale. Accordingly, the Debtors desire to go forward with the Sale Motion and put on additional evidence in order to address the Bankruptcy Court’s concerns and seek approval of the relief requested in the Sale Motion.”

The Court scheduled a September 7, 2017 hearing to consider the motion, with objections due on the same date.

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