The U.S. Bankruptcy Court issued an order approving sale of substantially all of Ironclad Performance Wear’s assets free and clear of all encumbrances; approving the Debtors’ assumption and assignment of certain unexpired leases and executory contracts and determining cure amounts and approving the Debtors’ rejection of unexpired leases and executory contracts that are not assumed.
The order states, “In accordance with the Bidding Procedures Order, the Debtors conducted an Auction on October 30, 2017. Brighton-Best International (BBI) was the winning bidder at the Auction with a purchase price of $25,250,000 (the ‘Purchase Price’)….The Debtors, in consultation with the OCUC and the OCEH, determined that the Purchase Price bid submitted by BBI at the Auction (the ‘Winning Bid’) was the highest and best bid submitted at the Action and should be approved by the Court.”
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