High Ridge Brands sets bid procedures for sale of assets

By Caroline Salls

Pittsburgh, Dec. 24 – High Ridge Brands Co. requested court approval of the bid procedures for the proposed sale of substantially all of its assets, according to a motion filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

The company said the proposed bid procedures allow it to solicit stalking horse bids to set a floor for all qualified bids at auction.

High Ridge said it may also seek court approval to provide customary bid protections, including a break-up fee and expense reimbursement, to any stalking horse bidder.

Under the company’s proposed sale timeline, bids will be due by 5 p.m. ET on Feb. 5.

An auction will be held on Feb. 7, if necessary.

The bid procedures hearing is scheduled for Jan. 15.

High Ridge is a Stamford, Conn.-based personal care products company. The company filed bankruptcy on Dec. 18 under Chapter 11 case number 19-12689.

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