The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of the substantially all the assets of Troika Media Group, Inc. on January 3, 2024. The Court approved the asset purchase agreement between the debtor and AcquisitionCo LLC, for the sale of substantially all its assets for a purchase price of no less than $51 million. To qualify as a qualified bidder, interested parties should submit their bids by January 18, 2024.

The initial minimum overbid should be in the amount of $0.5 million more than the initial purchase price. If the debtor receives any qualified bids then it would hold an auction for its assets on January 22, 2024. At the auction, the subsequent bids would be in increments of $0.5 million.

The stalking horse bidder would be entitled to a break-up fee and expense reimbursement of $1 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for January 30, 2024.