Country Fresh sets bid procedures for assets; hearing set for Feb. 25

By Sarah Lizee

Olympia, Wash., Feb. 18 – Country Fresh Holding Co. Inc. is seeking court approval of the bid procedures for the sale of substantially all of its assets, according to a motion filed Wednesday with the U.S. Bankruptcy Court for the Southern District of Texas.

Stellex Capital Management is serving as stalking horse bidder for the assets, with a purchase price of $30 million in cash and $25 million in a secured note, as previously reported.

The stalking horse agreement provides for a $1.45 million break-up fee and an up to $700,000 expense reimbursement. Competing bids must exceed the stalking horse purchase price, plus the stalking horse bid protections, and a minimum overbid amount of $500,000 in cash or cash equivalents.

Under the proposed bid procedures, bids would be due by 5 p.m. ET on March 22, an auction would be held on March 24, if necessary, and a sale hearing would be held on March 26.

A hearing on approval of the bid procedures is scheduled for Feb. 25.

The Woodlands, Tex.-based company provides fresh-cut fruits and vegetables, ready-to-go meals and meal kits, behind-the-glass salads, snacks and bulk food components. The company filed bankruptcy on Feb. 15 under Chapter 11 case number 21-30574.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.