Chapter 7 Trustee filed a motion in the US Bankruptcy Court for the private sale of substantially all assets of debtor on February 12, 2015. The Chapter 7 Trustee seeks the Court's approval for the sale of substantially all assets of debtor to RegenMedTX, LLC, the buyer, for a purchase price of $1.50 million at closing plus a credit bid in full of assigned secured claims of $20.56 million pursuant to the private asset purchase agreement dated February 12, 2015. The good faith deposit will be in the amount of $0.15 million.

The buyer will give 5% of cash price to be utilized by Chapter 7 Trustee. The debtor's assets include manufacturing raw materials, equipment, intellectual property, etc. The buyer would be entitled to a break-up fee of $0.05 million i.e. 3% of the cash portion in case of termination of the asset purchase agreement.

The sale hearing is scheduled for February 24, 2015. The sale shall be close by no later than February 27, 2015. Mattew P. Ward, Esq.

of Womble Carlyle Sandridge & Rice, LLP is advising the buyer.