Bidding order sets the market check for lender credit bids
The court approved bidding procedures for a sale of all or substantially all assets of PrimaLend Capital Partners and Good Floor Loans, including business assets, contracts, leases, equipment, inventory, IP, insurance proceeds, deposits, books, and records, through the Bidding Procedures Order. The order set a January 21 bid deadline, January 23 auction, successful-bidder notice within two business days after any auction, and a January 28 cure-objection deadline. It also barred breakup fees, topping fees, and expense reimbursements. The procedures implemented the Debtors’ credit-bid plan architecture, creating a short market check around the First Lien PCP Lenders’ and Amarillo National Bank’s expected credit bids rather than a broad standalone 363 sale process.