Thanks, but I just found in on my own.
Previously GL Brands, Inc. (the ?Company?) filed a Bankruptcy Plan of Reorganization under which the Company?s incumbent shares would all be canceled, the incumbent shareholders would lose all interest in the Company and new equity would be issued in the reorganized Company in exchange for cash payments to the Company approved by the Court through the Plan of Reorganization.
As part of the Court?s consideration of such plan of reorganization, on March 31, 2021, the Bankruptcy Court for the N.D. Texas, Fort Worth Division issued an order to allow the Company to hold an auction for the sale of its to-be-issued new equity interests of the reorganized Company. Upon and subject to the Court?s final acceptance of the Plan of Reorganization, the successful auction bidder will own one hundred percent (100%) of the Company?s equity interest.
The Court?s order approves bidding procedures and a stalking horse bid from Merida Capital Partners III, LP, Merida Capital Partners QP, LP and certain of their affiliates. The stalking horse bid has a bid value of $1,314,019 and a $25,000 breakup fee. The bidding procedures require that all bids other than the stalking horse bid have values greater than the stalking horse bid to be submitted by April 16, 2021 along with a $125,000 deposit. The full bidding procedures are stated in the Court?s order.
