VPX Sports’ bid procedures OK’d; auction slated for April 27

By Sarah Lizee

Olympia, Wash., Feb. 27 – Vital Pharmaceuticals, Inc., which does business as VPX Sports, received approval of the bid procedures for its assets, according to an order filed Friday with the U.S. Bankruptcy Court for the Southern District of Florida.

Under the bid procedures, the deadline to file a stalking horse selection is 11:59 p.m. ET on March 24.

The competitive bid deadline is noon ET on April 24.

An auction, if needed, will be held on April 27.

The sale hearing is scheduled for May 10.

If a stalking horse is chosen, each bid must be equal to the amount of the stalking horse bid, plus the amount of the bid protections, plus a minimum bid increment of $10 million.

Subsequent bids must be in minimum increments of $10 million.

Each bid must be accompanied by a cash deposit of $50 million.

Absent further order by the court, the total value of bid protections to any stalking horse will not exceed 3% of the proposed cash purchase price.

The Pembroke Pines, Fla.-based the maker of Bang energy drinks and other products filed Chapter 11 bankruptcy on Oct. 10 under case number 22-17842.

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