Kid Brands looks to sell assets of another subsidiary for $14 million

By Kali Hays

New York, July 28 – Kid Brands, Inc. is seeking approval to sell substantially all the assets of subsidiary Sassy, Inc. for $14 million to Sassy 14, LLC, according to a July 28 motion with the U.S. Bankruptcy Court for the District of New Jersey.

Sassy 14’s bid is subject to higher and better offers, which may be submitted at an as yet unscheduled sale hearing.

Assets in the sale include property leases, all intellectual property of Sassy, Inc., all permits related to the operation of the business and liabilities up to $300,000, according to the motion.

The sale is set to close no later than the third business day after the entry of a final order approving the sale.

Kid Brands said that carrying out a private sale is more beneficial to the estate due to the expense and delay caused by a public auction.

Kid Brands, an East Rutherford, N.J.-based designer, importer, marketer and distributor of infant and juvenile consumer products, filed for bankruptcy June 18. The Chapter 11 case number is 14-22582.

© 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.