Kid Brands, Inc. filed a motion in the US Bankruptcy Court for the sale of substantially all of the assets of its subsidiary on July 28, 2014. The debtor seeks the Court's approval for the sale of substantially all of the assets of Sassy, Inc. to Sassy 14, LLC, for a purchase price of $14 million plus all Cure Amounts and Employee Costs plus an amount equal to any deposits or other payments related solely to manufacturing orders made by Seller pursuant to the asset purchase agreement dated July 25, 2014. As per the terms of the agreement, the buyer shall deposit $1 million within two business days pursuant to an escrow agreement.

Kenneth A. Rosen, S. Jason Teele and Steven Skolnick of Lowenstein Sandler LLP acted as legal advisors to Sassy, Inc. and Louis A. Modugno of McElroy, Deutsch, Mulvaney & Carpenter, LLP acted as legal advisor to Sassy 14, LLC.