Gold Standard Baking cancels auction; stalking horse named winner

By Sarah Lizee

Olympia, Wash., July 26 – Gold Standard Baking, LLC canceled an auction for its assets and named stalking horse bidder 37 Baking Holdings, LLC the winning bidder, according to a notice filed with the U.S. Bankruptcy Court for the District of Delaware.

The company said it didn’t receive any other qualified bids by the deadline.

As previously reported, 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.

A sale hearing will take place on Aug. 3.

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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