Court approves KingBee asset sale
The court approved Fluid Market’s sale of purchased assets to KingBee Rentals LLC after KingBee was selected as the successful bidder under the bidding procedures and auction process. The KingBee Sale Order authorizes the sale free and clear of liens, claims, interests and encumbrances, approves assumption and assignment of selected executory contracts and unexpired leases, and allows the debtors to consummate the APA without further court order.
The consideration is liability-driven rather than a stated cash price in the retrieved APA sections: KingBee assumes all obligations under the DIP facility, specified post-closing and payable contract obligations tied to purchased assets and purchased contracts, and prorated taxes. The order also waives stays and makes the relief effective immediately, which matters because it converts the sale process from a contested value-discovery phase into a closing and estate-administration phase while preserving a broad excluded-liability structure for KingBee.