The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of substantially all its assets, Insure-Link, Inc.'s assets of FedNat Holding Company on January 27, 2023. The Court approved the asset purchase agreement between the debtor and NSI Insurance Group, LLC, for the sale of substantially all assets, Insure-Link, Inc.'s assets. To qualify as a qualified bidder, interested parties should submit their bids by February 16, 2023.

The initial minimum overbid should be in the amount of $0.10 million more than the initial purchase price. If the debtor receives any qualified bids, then it would be an auction for its assets on February 17, 2023. At the auction, the subsequent bids would be in increments of $0.05 million.

The buyer would be entitled to a break-up fee of 3.5% of the ultimate Purchase Price and expense reimbursement in case of termination of the asset purchase agreement. The sale hearing is scheduled for February 23, 2023. Sale closing shall occur on February 24, 2023.