Ittella International, LLC filed a motion in the US Bankruptcy Court for the sale of its certain assets OR substantially all its assets on August 1, 2023. The debtor?s assets include (a) TCI?s U.S. Equity Interests in its direct subsidiaries (Myjojo, NMFD, Karsten, BCI and TTCF) and indirect subsidiaries (Ittella and ICLLC), (b) ICLLC?s Italian Equity Interests in Ittella Italy,18 (c) goods, (d) equipment, (e) accounts receivable, (f) intellectual property,19 (g) goodwill, (h) customer lists, (i) any Contracts and/or Leases designated by any Winning Bidder and/or any Winning Back-Up Bidder for assumption and assignment, and (j) any related assets. To qualify as a qualified bidder, interested parties should submit their bids by August 25, 2023, along with good-faith deposit in the amount of 10% of the bid 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 September 19, 2023. At the auction, the subsequent bids would be in increments of $0.1 million.

The stalking horse bidder would be entitled to a break-up fee of 2% of break up fee and expense reimbursement of $0.10 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for September 27, 2023. The sale closing shall be occurred fifteen days after the entry of an sale order.