The U.S. Bankruptcy Court issued an order (i) scheduling a hearing on the approval of the sale of all or substantially all of the Color Spot Nurseries assets free and clear of all encumbrances, and the assumption and assignment of certain executory contracts, and unexpired leases, (ii) approving certain bidding procedures, assumption and assignment procedures. The order states, “In the event that the Debtors enter into a stalking Horse Agreement on or prior to July 2, 2018 (the ‘Stalking Horse Deadline’) the Debtors shall file with the Court and serve on the Motion Notice Parties a Stalking Horse Notice. If the Stalking Horse Agreement satisfies the following conditions, (a) the Break-Up Fee does not exceed 3% of the aggregate cash purchase price; (b) the Expense Reimbursement does not exceed $350,000…the Debtors may submit an order under certification of counsel approving the designation of the Stalking Horse Purchaser and the Stalking Horse Agreement as a stalking horse without the need for further hearing, which order shall include findings consistent with those originally proposed in the form of order annexed to the Motion.” The following timeline is fixed by the Court: an auction on July 18, 2018; bid deadline on July 16, 2018; sale hearing on July 20, 2018, with sale objections due by July 13, 2018.
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