The court approved the sale-process framework for Select Snacks, moving the case from early administration into a live §363 auction track. The bidding procedures order followed a revised proposed order that set a November 28, 2007 11:00 a.m. CST qualified-bid deadline, a November 28 5:00 p.m. CST sale-objection deadline, and a November 30, 2007 11:00 a.m. CST auction at Winston & Strawn in Chicago.

The economics matter because Jay's Acquisition, Inc. was positioned as the proposed purchaser under a $24.85 million asset purchase agreement, with a $869,750 break-up fee if a competing transaction closed and the buyer waived its diligence contingency by November 9. Competing bidders had to clear a $25.8 million first-overbid threshold, bid in at least $100,000 later increments, and post a $1.25 million or 5% good-faith deposit, according to the revised proposed sale procedures. For professionals tracking recoveries or strategic alternatives, the order created the operative sale calendar and the minimum economics needed to displace the stalking-horse deal.