Generation Next Franchise Brands, Inc. filed a motion in the US Bankruptcy Court for the sale of substantially all its assets on January 6, 2020. The debtor seeks the Courts approval for the sale of substantially all its assets to GLL as a potential stalking horse bidder or the successful bidder. The assets include all debtor assets and collectively its affiliates assets. To qualify as a qualified bidder, interested parties should submit their bids by March 9, 2020, along with good-faith deposit in the amount of 10% of the bid price. The initial minimum overbid should be at least $0.10 million more than the initial purchase price. The debtor has scheduled an auction on March 12, 2020. At the auction, the subsequent bids would be in increments of $1 million. The stalking horse bidder would be entitled to a break-up fee of 4% of its purchase price excluding assumed liabilities and cure amounts and expense reimbursement of $0.35 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for March 23, 2020.