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GENERATION NEXT FRANCHISE BRANDS, INC.

(VEND)
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Motion for Asset Sale Filed by Generation Next Franchise Brands, Inc.

01/06/2020 | 12:00am EDT

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 Court’s 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.


© S&P Capital IQ 2020
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Financials (USD)
Sales 2019 18,4 M - -
Net income 2019 -19,0 M - -
Net Debt 2019 3,50 M - -
P/E ratio 2019 -2,27x
Yield 2019 -
Capitalization 0,01 M 0,01 M -
EV / Sales 2018 413x
EV / Sales 2019 2,52x
Nbr of Employees 49
Free-Float 76,6%
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Managers and Directors
Ryan Polk Chairman, CEO, COO & Chief Financial Officer
Nicholas Yates Vice President-Sales & Marketing
Nik Wright Vice President-Operations
Sector and Competitors