The court approved Digital Media Solutions’ bidding procedures and sale calendar, putting the company on a compressed path to a lender-led transaction. Under the bidding procedures order, an acquisition entity formed by the DIP lenders serves as stalking horse, while competing bidders face an October 25, 2024, 4:00 p.m. CT bid deadline, an October 29 auction, a November 1 sale objection and cure objection deadline, and a November 4 sale hearing at 10:00 a.m. CT.

The order also approves a $1.0 million expense reimbursement for the stalking horse and requires any competing bid to exceed the stalking horse bid by the reimbursement plus a $500,000 bid increment. The DIP agent may credit bid up to the full amount of DIP obligations, so unsecured and contract counterparties should treat the next two weeks as the live market check for whether value emerges above the lender baseline.