Winc, Inc., filed a motion in the US Bankruptcy Court for the sale of certain assets on December 7, 2022. The debtor seeks the Court's approval for the sale of certain assets to Project Crush Acquisition Corp LLC, the stalking horse bidder, for a purchase price of $10 million pursuant to the asset purchase agreement dated December 7, 2022. The Debtors' Assets consist of, without limitation, certain cash, inventory, accounts receivable, executory contracts and unexpired leases, intellectual property, permits, licenses, customer lists, books and records, claims and causes of action, and other related personal property.

To qualify as a qualified bidder, interested parties should submit their bids by January 9, 2023, along with a deposit in the amount of 10% of the bid price. The initial minimum overbid should be at least in the amount of $10.60 million. The debtor has scheduled an auction on January 11, 2023.

At the auction, the subsequent bids would be in increments of $0.1 million. The stalking horse bidder would be entitled to a break-up fee of $0.30 million and expense reimbursement of $0.20 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for January 16, 2023.

The proceeds from the sale would be used to pay off the amount owed to the debtor's pre-petition lender. The buyer is represented by Matt Hallinan, Erin Kirchner, Matt Silverman, and Eric Walker of Cooley LLP as its legal advisors.