Tricida, Inc. filed a motion in the US Bankruptcy Court for the sale of substantially all its assets on January 11, 2023. The debtor seeks the Court's approval for the sale of substantially all its assets to the winning bidder. To qualify as a qualified bidder, interested parties should submit their bids by February 10, 2023, along with good-faith deposit in the amount of 10% of the bid price.

The debtor has scheduled an auction on February 15, 2023. At the auction, the subsequent bids would be in increments of $0.1 million. The bidding procedure hearing is scheduled for January 26, 2023 and sale hearing is scheduled for February 21, 2023.

The proceeds from the sale would be used to pay off the amount owed to the debtor's pre-petition lender. The transaction is expected to close by February 24, 2023.