Gold Standard Baking gets court approval to sell assets to lender

By Sarah Lizee

Olympia, Wash., Aug. 3 – Gold Standard Baking, LLC received approval to sell its assets to stalking horse bidder 37 Baking Holdings, LLC, according to court documents filed with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, the company recently canceled an auction for the assets and named the stalking horse the winning bidder. The company said it didn’t receive any other qualified bids by the deadline.

37 Baking Holdings recently acquired the company’s first-lien debt and is also the debtor-in-possession lender.

The stalking horse purchase price includes a credit bid against $20 million of the company’s first-lien debt, assumption of some liabilities, and assumption of contracts.

The agreement includes a $250,000 breakup fee and a $350,000 expense reimbursement.

The company is hoping to close the sale by Aug. 15.

The Chicago-based industrial baker filed Chapter 11 bankruptcy on June 22 under case number 22-10559.

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