The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of substantially all the assets of Akorn Holding Company LLC on February 23, 2023. The Court approved the asset purchase agreement between the debtor and successful bidder, for the sale of substantially all its assets. To qualify as a qualified bidder, interested parties should submit their bids by May 4, 2023.

The initial minimum overbid should be in the amount of $0.1 million per lot and $1 million for whole consideration more than the initial purchase price. If the debtor receives any qualified bids then it would hold an auction for its assets on May 10, 2023. At the auction, the subsequent bids would be in increments of $0.1 million.

The sale hearing is scheduled for May 19, 2023.