Salt Life Beverage, LLC filed a motion in the US Bankruptcy Court for the sale of its certain assets on July 1, 2024. The debtor seeks the Court?s approval for the sale of its certain assets to FCM Saltwater Holdings, Inc., the stalking horse bidder, for a purchase price of $28.03 million in cash, plus the assumption of the Assumed Liabilities, including Cure Costs, in each case pursuant to the asset purchase agreement, dated June 28, 2024. The debtor?s assets include Salt Life Assets.

To qualify as a qualified bidder, interested parties should submit their bids by August 14, 2024, along with good-faith deposit in the amount of $2.80 million or 10% of the bid price. The initial minimum overbid should be at least $1.76 million more than the initial purchase price. The debtor has scheduled an auction on August 20, 2024.

At the auction, the subsequent bids would be in increments of $0.2 million. The stalking horse bidder would be entitled to a break-up fee of $0.84 million and expense reimbursement of $0.42 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for August 27, 2024.

The buyer is represented by Bradley H. Wood and Jayna Lamar of Maynard Nexsen PC as its legal advisors.