MediaShift, Inc. filed a motion in the US Bankruptcy Court for the sale of substantially all its assets on December 21, 2015. The debtor seeks Court's approval for bidding procedures relating to sale of substantially all of its assets. The debtor signed stalking horse agreement for sale of its assets with MediaShift Holdings, Inc. for a purchase price of $11.77 million in cash and credit bid pursuant to an asset purchase agreement dated December 14, 2015.

The debtor's assets include assets necessary to operate its business, including the Owned IP, and certain related assets. The purchase price consists of a credit bid of $11.07 million and cash price of $0.70 million. To qualify as a qualified bidder, interested parties should submit their bids by January 21, 2016.

The initial minimum overbid should be at least $0.5 million more than the initial purchase price. The debtor has scheduled an auction on January 25, 2016. At the auction, the first subsequent increment would be $0.15 million and the subsequent bids would be in increment of $0.1 million.

The stalking horse bidder would be entitled to an expense reimbursement of $0.2 million in the event the winning bid exceeds stalking horse bid by at least $5 million leading to termination of agreement. The sale hearing is scheduled for January 27, 2016. Michael P. Pompeo of Drinker Bidder & Reath, LLP acted as legal advisor for MediaShift Holdings.