PhaseRx, Inc. filed a motion in the US Bankruptcy Court for the sale of substantially all its assets on December 11, 2017. The debtor seeks the Court’s approval for the sale of substantially all its assets to highest bidder. To qualify as a qualified bidder, interested parties should submit their bids by January 22, 2018. Each Bid must be accompanied by a deposit in the amount of 10% of the bids proposed purchase price. The initial minimum overbid should be at least $0.1 million more than the initial purchase price. The debtor has scheduled an auction on January 24, 2018. At the auction, the subsequent bids would be in increments of $0.1 million. The highest bidder would be entitled to a break-up fee not to exceed 3% of the total purchase price and expense reimbursement of $0.25 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for January 26, 2018. The proceeds from the sale would be used to pay off the amount owed to the debtor’s pre-petition lender.