Chapter 7 trustee of Alfi, Inc. filed a motion in the US Bankruptcy Court for the sale of substantially all debtor's assets on November 15, 2022. The debtor seeks the Court's approval for the sale of substantially all assets to Lee Aerospace, Inc, for a purchase price of $0.40 million cash; plus, Cure Amounts in an amount to be determined; plus, a credit bid in the amount of $3.65 million pursuant to the asset purchase agreement. To qualify as a qualified bidder, interested parties should submit their bids by January 18, 2023, along with good-faith deposit in the amount of $0.50 million of the bid price.

The initial minimum overbid should be at least $4.66 million. The debtor has scheduled an auction on January 20, 2023. At the auction, the subsequent bids would be in increments of $0.05 million.

The sale hearing is scheduled for January 25, 2023. The proceeds from the sale would be used to pay off the amount owed to the debtor's pre-petition lender. The buyer is represented by Christopher A. Ward of Polsinelli PC as legal counsel.

The sale closing shall be scheduled on or before January 31, 2023.