Scoobeez, Inc. filed a motion in the US Bankruptcy Court for substantially all its assets on August 29, 2019. The debtor seeks the Court’s approval for the sale of its substantially all its assets to Hillair Capital Advisors LLC, the stalking horse bidder. To qualify as a qualified bidder, interested parties should submit their bids by October 11, 2019, along with good-faith deposit in the amount of 10% of the bid price. The initial minimum overbid should be in the amount of at least $9 million plus the Expense Reimbursement of $0.15 million, plus a $0.05 million minimum overbid amount, all in cash. The debtor has scheduled an auction on October 14, 2019. At the auction, the subsequent bids would be in increments of $0.05 million. The stalking horse bidder would be entitled to a break-up fee and expense reimbursement of $0.15 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for October 17, 2019.