Ittella International, LLC, Ittella?s Chef, LLC, Tattooed Chef, Inc., Myjojo, Inc., New Mexico Food Distributors, Inc., Karsten Tortilla Factory, LLC, BCI Acquisition, Inc., and TTCF-NM Holdings Inc. and together with Ittella, ICLLC, TCI, Myjojo, NMFD, Karsten, and BCI, the Chapter 11 debtors and debtors in possession filed a motion in the US Bankruptcy Court for the sale of its substantially all its assets on September 5, 2023. The debtor seeks the Court?s approval for the sale of its substantially all its assets to Planted Ventures, LLC, the stalking horse bidder, all of the Debtors? intellectual property for a purchase price of $1.50 million, of which $1 million is allocated to the Italian Equity and $500,000 is allocated to the intellectual property.

The debtor?s assets include (a) TCI?s U.S. Equity Interests in any of its direct subsidiaries (Myjojo, NMFD, Karsten, BCI and TTCF) and/or indirect subsidiaries (Ittella and ICLLC), (b) ICLLC?s Italian Equity Interests in Ittella Italy (c) goods, (d) equipment, (e) accounts receivable, (f) intellectual property, (g) goodwill, (h) customer lists, (i) Contracts and Leases, and (j) any related assets included in any Qualified Bid, provided that the Assets subject to sale pursuant to the Motion shall not include the Debtors? cash. To qualify as a qualified bidder, interested parties should submit their bids by August 25, 2023.

The debtor has scheduled an auction on September 19, 2023. The Winning Bidder must increase its Deposit to 10% of its final bid within 24 hours of the conclusion of the applicable Auction. The sale hearing is scheduled for September 27, 2023.

The proceeds from the sale would be used to pay off the (1) amounts necessary to pay or reserve for the Carve-Out, (2) SCH?s Transaction Fee (3) any and all agreed claims secured by the Assets, including the balance of UMB?s Lender Allowed Claim.