Serene Investment Management, LLC entered into an agreement to acquire Digital and Education Business from YogaWorks, Inc. (OTCPK:YOGA) for $4.2 million on October 14, 2020. Through the deal, Serene will spend $4.15 million to acquire $10 million of debt held by YogaWorks majority equity owner Great Hill. In addition, Great Hill, which holds a 70% stake in YogaWorks, will allow Serene to lend $3.35 million of the $4.15 million cash purchase price for its debt back to YogaWorks as debtor-in-possession financing to fund the Chapter 11 case. If Serene successfully acquired the company, the DIP financing would be forgiven. Great Hill would receive releases in exchange for allowing the DIP funding. Serene Investment Management, LLC has been named as stalking horse bidder for YogaWorks. Transaction is subject to approval by the Court. Alan J. Friedman and Melissa Davis Lowe of Shulman Bastian Friedman & Bui LLP acted as legal advisors to YogaWorks, Inc. Chad Kurtz of Force 10 Partners LLC acted as financial advisor to YogaWorks, Inc. Thomas J. Francella of Cozen O'Connor PC acted as the counsel to YogaWorks. Peter Beardsley and Lance Jurich of Loeb & Loeb LLP represent Serene and Matthew A. Clemente and William E. Curtin of Sidley Austin LLP are counsel to Great Hill, parent of YogaWorks in the transaction.