Orchids Paper Products Company, filed a motion in the US Bankruptcy Court for the sale of substantially all its assets on April 1, 2019. The debtor seeks the Court’s approval for the sale of substantially all its assets to Orchid Investments LLC, the stalking horse bidder, for a purchase price of $175 million in cash pursuant to the asset purchase agreement, along with good-faith deposit in the amount of 7% of the bid proposed cash purchase price. To qualify as a qualified bidder, interested parties should submit their bids by June 6, 2019. The initial minimum overbid should be at least $7.75 million more than the initial purchase price. The debtor has scheduled an auction on June 10, 2019. At the auction, the subsequent bids would be in increments of $0.50 million. The stalking horse bidder would be entitled to a break-up fee of $5.25 million or 3% of purchase price and expense reimbursement of $0.50 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for June 12, 2019. The stalking horse bidder is represented by Kimberly A. DeBeers of Skadden, Arps, Slate, Meagher & Flom LLP as legal counsel.