The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of certain assets of Allied Healthcare Products, Inc. on June 2, 2023. The Court approved the asset purchase agreement between the debtor and Allied Medical, LLC, the stalking horse bidder, for the sale of its certain assets for a purchase price of $3.15 million plus an amount equal to 95% of the aggregate total of the receivables less the zero-rated receivables as of the date of closing along with a good faith amount of 10% of the purchase price. The debtor’s assets include substantially all the assets and operations of the Debtor related to the business of the Debtor located at 46 New Street, Stuyvesant, New York.

To qualify as a qualified bidder, interested parties should submit their bids by June 16, 2023. The initial minimum overbid should be not less than 1.9% of the initial stalking horse purchase price or of at least $0.08 million. If the debtor receives any qualified bids, then it would hold an auction for its assets on June 21, 2023.

At the auction, the subsequent bids would be in increments of $0.08 million. The sale hearing is scheduled for June 30, 2023.