Motion for Asset Sale Approved for Nutroganics, Inc.
January 18, 2017 at 11:00 pm EST
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The US Bankruptcy Court gave an order approving the sale of the certain assets of Nutroganics, Inc. on January 19, 2017. The debtor has been authorized to sell its certain assets of NuStar Manufacturing, LLC to Despina, LLC for a purchase price of $0.43 million in cash pursuant to the asset purchase agreement dated December 28, 2016. Under the terms of the asset purchase agreement, the buyer has made an earnest money deposit of $0.04 million upon the execution of the agreement. The proceeds from the sale would be used to pay off the amount owed to the debtor’s pre-petition lender. CES/Loeb shall receive $0.33 million, debtors' estate shall receive $0.05 million, Crestmark shall receive $0.06 million. Rest of the proceeds will be split between Crestmark and debtor in the ratio of 4:1. Transaction is expected to close by January 31, 2017. The buyer is represented by Denver C. Snuffer, Jr. of Nelson, Snuffer, Dahle & Poulsen and William T. Jennings as its legal advisors.
Nutroganics, Inc. acquires and operates revenue-generating businesses in the consumables segment. The Company operates in healthy lifestyle marketplace and capitalizes on synergies from manufacturing through distribution. The Companyâs subsidiaries include Silverbow Honey, Inc. and NuStar Manufacturing, LLC. Silverbow Honey, Inc. packages and distributes natural honey in both branded and private label containers, and as both raw ingredients and as grocery store items. NuStar Manufacturing, LLC specializes in manufacturing liquid, gel, and powder nutritional supplements in single and multiple dose flexible packets, pouches, and containers. It is also engaged in formulating, sourcing, blending, mixing, batching, filling, packing, warehousing and logistics.
NUTROGANICS, INC. 
