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SUSTAINABLE RESTAURANT: July 10 Auction of All Assets Set

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Judge John T. Dorsey of the U.S. Bankruptcy Court for the District of Delaware authorized the bidding procedures of Sustainable Restaurant Holdings, Inc. and its debtor-affiliates in connection with the auction sale of substantially all assets.

The salient terms of the Bidding Procedures are:

a. Bid Deadline: July 8, 2020, at 4:00 p.m. (ET)

b. Initial Bid: Each Bid must clearly set forth the terms of any proposed Transaction, including and identifying separately any cash and non-cash components of the proposed Transaction consideration, including, for example, certain liabilities to be assumed by the Acceptable Bidder as part of the Plan.

c. Deposit: 10% of the aggregate value of the cash and non-cash consideration of the Bid

d. Auction: An Auction, if any, will be held at 10:00 a.m. (ET) on July 10, 2020, either via videoconference or at the offices of Klehr Harrison Harvey Branzburg, LLP, 919 N. Market Street, Suite 1000, Wilmington, DE 19801, or such later date and time or location as selected by the Debtors.

e. Bid Increments: $100,000

f. Confirmation Hearing: A hearing to consider approval of the Winning Bidder and confirmation of the Joint Chapter 11 Plan of Sustainable Restaurant Holdings, Inc. and its Debtor Affiliates will be held on July 15, 2020 at 11:00 a.m.

g. Sale Objection Deadline:

h. At the Auction, the Qualified Bidders that have submitted Qualified Bids by the Bid Deadline will be entitled, but will not be obligated, to submit overbids, and will be entitled in any such overbids to credit bid all or a portion of the value of the secured portion of its claims, subject to the limits on credit bidding set forth in the Bidding Procedures.

Notwithstanding Bankruptcy Rule 6004(h), the terms and conditions of the Order are immediately effective and enforceable upon its entry.

A copy of the Bidding Procedures is available at https://tinyurl.com/yc9yagd3 from PacerMonitor.com free of charge.

About Sustainable Restaurant Holdings

Sustainable Restaurant Holdings was founded in 2008 together with the launch of Bamboo Sushi, regarded as the world’s first sustainable sushi chain. In 2016, it added quick-service poke chain QuickFish. And in 2019, the company expanded in California by opening the San Ramon location. It also has big plans of building two more Bay Area restaurants, that include a waterfront Bamboo Sushi on San Francisco’s Embarcadero.

Sustainable Restaurant Holdings, Inc. and its debtor affiliates currently maintain 10 restaurants located in Oregon, Washington, Arizona, California, and Colorado and operates under the “Bamboo Sushi” and “Quickfish” brand names.

On May 12, 2020, Sustainable Restaurant Holdings and its affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-11087).

Sustainable Restaurant was estimated to have $10 million to $50 million in assets and $1 million to $10 million in liabilities as of the bankruptcy filing.

The Debtors tapped KLEHR HARRISON HARVEY BRANZBURG LLP as legal counsel; SSG ADVISORS, LLC, as investment banker; and GETZLER HENRICH & ASSOCIATES LLC as restructuring advisor. OMNI AGENT SOLUTIONS is the claims agent.

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