The court approved PhaseRx’s bidding procedures for a sale of substantially all assets, moving the case from first-day liquidity management into a defined value-maximization process. The bidding procedures order approved sale notices, auction procedures, contract assumption-and-assignment procedures, and related relief, with qualified bids due January 22, 2018 at 5:00 p.m. ET, an auction on January 25 at 10:00 a.m. ET if more than one qualified bid is received, and a sale hearing on January 30 at 10:00 a.m. ET.

The underlying sale motion shows why the timeline matters: PhaseRx entered Chapter 11 with restricted cash availability and limited liquidity, was operating on Hercules cash collateral, and had not yet locked in a definitive LOI or asset purchase agreement despite prepetition marketing. The order creates the near-term deadlines creditors and bidders need to track, because the estate’s recovery path now depends on whether the auction produces a qualified buyer and sale order by the end of January.