DULUTH, Minn. - The operating trustee overseeing the Chapter 11 bankruptcy of website provider 50 Below is seeking permission to sell the company’s assets.
The court-appointed trustee has required that seal bids be submitted by Oct. 29.
The judge presiding over the case will rule Oct. 4 on the trustee’s request to approve the bidding procedures, then will decide Nov. 7 on the sale itself.
Interested parties would be able to bid for all of 50 Below’s assets, or separately for each of six items as listed in the filing:
- Financial Services Division,
- Power Sports Division,
- Trade Mark,
- Automobile, Wheel & Tire Division,
- Home & Durable Medical Equipment Division, and
- Pool & Spa Division.
Duluth, Minn.-based 50 Below filed for bankruptcy late last month. The company owes the Internal Revenue Service, its top creditor, $8.9 million in payroll taxes. The company also owes the state of Minnesota about $1.5 million in taxes and unemployment insurance. In the sale, however, those obligations would not be passed onto any purchaser, who would receive the assets free of liens, according to the filing.
Parties interested in purchasing 50 Below’s assets may contact Nauni Manty, a lawyer for the trustee, at firstname.lastname@example.org.
Posted by Arlo Redwine