Crumb's Bake Shop, Inc. (CRMBQ)

[Drewjamessb]

Next day of Action will be July24th

Reading Pane: BRIEF-Crumbs receives approval of first day motions
July 18 (Reuters) - Crumbs Bake Shop Inc :
* Receives approval of first day motions and outlines bid procedures in 363
sale
* U.S. bankruptcy court for district of New Jersey approved all of first day
motions related to voluntary chapter 11 process
* Evaluating the company's retail strategy with the goal of reopening select
Crumbs locations"
* Court also approved motions giving Crumbs authority to pay employee wages and
benefits as usual throughout chapter 11 process
* First day motions approved by court will enable Crumbs to maintain current
operations while pursuing sale through chapter 11 process
* Expects to complete sale process in about 60 days, pending approvals from the
bankruptcy court
* Among approved motions, court granted Crumbs access to debtor in-possession
financing from lemonis fischer acquisition co
* Will formally present to the court on July 24 proposed bid procedures and an
expected date for an auction and sale hearing
* As part of chapter 11 process, other potential buyers will have opportunity to submit
bids to acquire Crumbs
* Source text for Eikon [ID:nBw5Wh01Va] * Further company coverage [CRMBQ.PK] ((Bangalore Newsroom; [phone]))