Judge Karen K. Specie of the U.S. Bankruptcy Court for the Northern District of Florida authorized the bidding procedures proposed by Capital Truck, Inc. in connection with the auction sale of all of its assets, including its fixed assets, inventory, sales and servicing agreements, its “Blue Sky” rights to the dealership and other intangible assets.
A hearing on the Motion was held on Aug. 25, 2020.
The form and manner of notice of the Bidding Procedures and the sale, as well as the form of the Asset Purchase Agreement, as filed on Aug. 24, 2020, are approved.
The salient terms of the Bidding Procedures are:
a. Bid Deadline: Sept. 23, 2020. Mack Trucks will have the right of first refusal with respect to any bids.
b. Initial Bid: To be determined by Mack
c. Deposit: $50,000
d. Auction: An auction will take place on Sept. 29, 2020, unless other relief is sought prior to such date to sell the Debtor’s assets.
e. Bid Increments: $50,000
f. The Closing will occur within seven days after the entry of the Court order approving the sale or such earlier date as the parties may agree.
The Debtor will ask approval of the Court at the Sale Approval Hearing to assume and assign to the Prevailing Bidder the Dealer Agreements, as well as any executory contract or unexpired lease identified in the APA or Proposed APA.
The Debtor will serve a copy of the Procedures Notice as modified pursuant to the amended deadlines and dates contained in the Order within three business days following the entry of the Bid Procedures Order upon the Notice Parties.
The stays provided for in Bankruptcy Rules 6004(h) and 6006(d) are waived and the Order will be effective immediately upon its entry.
About Capital Truck
Capital Truck, Inc., based in Tallahassee, FL, filed a Chapter 11 petition (Bankr. N.D. Fla. Case No. 20-40287) on July 14, 2020. In the petition signed by Mark Thomas, president, the Debtor was estimated to have $1 million to $10 million in both assets and liabilities. BRUNER WRIGHT, P.A., serves as bankruptcy counsel to the Debtor.