Scoobeez, Inc, filed a motion in the US Bankruptcy Court for the sale of its substantially all its assets on September 19, 2019. The debtor seeks the Court’s approval for the sale of its substantially all its assets to Hillair Capital Advisors LLC, the stalking horse bidder, for a purchase price of $9 million in cash pursuant to the asset purchase agreement, dated September 11, 2019. To qualify as a qualified bidder, interested parties should submit their bids by October 14, 2019, along with good-faith deposit in the amount of 10% of the bid price. The initial minimum overbid should be in the amount of at least $9 million. The debtor has scheduled an auction on October 15, 2019. The stalking horse bidder would be entitled to a break-up fee and expense reimbursement of $0.15 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for October 17, 2019. The buyer is represented by Adam H. Friedman of Olshan Frome Wolosky LLP as legal counsel.