The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of substantially all assets of Protea Biosciences, Inc. on December 13, 2017. The Court approved the asset purchase agreement between the debtor and Summit Resource Inc., the stalking horse bidder, for the sale of its substantially all its assets for a purchase price of $1 million in the form of credit bid. To qualify as a qualified bidder, interested parties should submit their bids at least seven business days prior to sale hearing date along with an earnest money deposit of $0.20 million. The initial minimum overbid should be at least in the amount of $1.50 million. At the auction, the subsequent bids would be in increments of $0.05 million. The stalking horse bidder would be entitled to a break-up fee of $0.1 million. The sale hearing is scheduled for January 24, 2018.