Case timeline

1. Jan 202021
   Sale: Court approves sale process and February auction timeline

   The court approved In-Shape Holdings’ entry into a stalking-horse asset purchase agreement and set the sale process in motion through the bidding procedures order. The order approved bidding procedures, assumption-and-assignment procedures for executory contracts and leases, notice procedures, and bid protections consisting of a $200,000 break-up fee plus expense reimbursement capped at $500,000.

   The sale calendar is now actionable: sale objections are due February 11, 2021 at 4:00 p.m. ET, with the Committee and landlords extended to February 15; qualified bids are due February 12 at 4:00 p.m. ET; an auction, if needed, is set for February 16 at 11:00 a.m. ET; and the sale hearing is set for February 19 at 2:00 p.m. ET. That gives creditors, landlords, and competing bidders a compressed window to challenge or top the stalking-horse transaction.

   Sources and provenanceJanuary 20, 2021