Auto Plus sets bid procedures for assets, eyes May 10 auction

By Sarah Lizee

Olympia, Wash., Feb. 13 – IEH Auto Parts Holding LLC, doing business as Auto Plus, is seeking court approval of bid procedures for its assets, according to a motion filed Friday with the U.S. Bankruptcy Court for the Southern District of Texas.

The debtors filed their cases to sell their assets either in whole or multiple asset packages.

While the debtors haven’t chosen any stalking horse bidder yet, they are seeking approval from the court to do so.

Key dates under the proposed bid procedures include an April 3 deadline to designate a stalking horse bidder, a May 3 bid deadline, a May 10 auction, a May 19 sale hearing and a May 31 deadline to close the sale.

Lincoln Partners Advisors LLC is the debtors’ proposed investment banker.

A hearing on the bid procedures is scheduled for March 10.

The Kennesaw, Ga.-based aftermarket auto parts retail chain filed bankruptcy on Jan. 31 under Chapter 11 case number 23-90054.

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