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August 8, 2018 – Brookstone filed with the U.S. Bankruptcy Court a motion [Docket No. 100] seeking (a) an order approving of procedures relating to the sale of its assets (including bidding procedures, stalking horse protections and a proposed timeline) and (b) an order approving the sale of substantially all of the Debtors’ assets. The motion explains, “The Bid Procedures are intended to permit a fair and efficient competitive sale process, consistent with the timeline of the Chapter 11 Cases, and to promptly identify the bid or bids that constitute the highest or otherwise best offer for the Assets….The Bid Procedures contemplate that the Debtors will, prior to the Stalking Horse Bid Deadline, continue to solicit ‘stalking horse’ bids, which bid or bids (each, a ‘Stalking Horse Bid,’ and any agreement governing the Stalking Horse Bid that memorializes the proposed transaction by and between the Stalking Horse Bidder and the Debtors for the Assets or a subset thereof, a ‘Stalking Horse Agreement’) will be binding on such bidder (a ‘Stalking Horse Bidder’) and will set the floor for all Qualified Bids for applicable Assets at the Auction….With respect to all Assets that are subject to an accepted Stalking Horse Bid, all Potential Bidders on the relevant Assets will be required to submit a bid in the amount of at least the sum of (i) the Stalking Horse Bid, (ii) any break-up fee and/or expense reimbursement.” The motion proposes the following general timeline: (i) an August 30, 2018 Stalking Horse Bid deadline: (ii) a September 20, 2018 deadline to submit qualified competing bids, (iii) an auction date, if necessary, of September 24, 2018 and (iv) an October 1, 2018 sale hearing. The Court scheduled an August 29, 2018 hearing on the bid procedures motion with objections due by August 22, 2018.
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