BowFlex Inc., filed a motion in the US Bankruptcy Court for the sale of substantially all its assets on March 5, 2024. The debtor seeks the Court?s approval for the sale of substantially all its assets to Johnson Health Tech Retail, Inc., for a purchase price of $37.5 million in cash pursuant to the asset purchase agreement. To qualify as a qualified bidder, interested parties should submit their bids by April 6, 2024, along with good-faith deposit of 10% of the bid price.

The initial minimum overbid should be at least $0.5 million more than the initial purchase price. The debtor has scheduled an auction on April 8, 2024. At the auction, the subsequent bids would be in increments of $0.5 million.

The stalking horse bidder would be entitled to a break-up fee of 3.5% million and expense reimbursement of $0.60 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for April 15, 2024.