The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of certain assets of CareMax, Inc. on December 18, 2024. The Court approved the asset purchase agreement between the debtor and ClareMedica Viking, LLC, the stalking horse bidder, for the sale of its certain assets for a purchase price of closing payment of $35 million, plus the rollover amount of $65 million, plus assumption of certain liabilities. The debtor?s assets include core center assets.
To qualify as a qualified bidder, interested parties should submit their bids by January 13, 2025. The initial minimum overbid should be in the amount of $0.5 million more than the initial purchase price. If the debtor receives any qualified bids, then it would hold an auction for its assets on January 17, 2025.
The stalking horse bidder would be entitled to a break-up fee of $1.25 million and expense reimbursement of $2.25 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for January 28, 2025.
