AAC Holdings, Inc. filed a motion in the US Bankruptcy Court for the sale of substantially all its assets on July 3, 2020. The debtor seeks the Court’s approval for the sale of substantially all its assets to the highest bidder. To qualify as a qualified bidder, interested parties should submit their bids by September 11, 2020, along with good-faith deposit in the amount of 5% of the bid price. The initial minimum overbid should be at least $1 million more than the initial purchase price. The debtor has scheduled an auction on September 21, 2020. At the auction, the subsequent bids would be in increments of $1 million. The stalking horse bidder would be entitled to a break-up fee and expense reimbursement of up to 3% of the purchase price in case of termination of the asset purchase agreement. The sale hearing is scheduled for July 27, 2020.