The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of substantially all the assets of Granite City Food & Brewery, Ltd. on January 24, 2020. The Court approved the asset purchase agreement between the debtor and KRG Granite Acquisition, LLC, the stalking horse bidder, for the sale of substantially all its assets for a purchase price of $7.5 million in cash. The debtor’s assets include substantially all its assets. To qualify as a qualified bidder, interested parties should submit their bids by February 6, 2020, along with good-faith deposit in the amount of 10% of the bid price. The initial minimum overbid should be at least more than $7.83 million. The debtor has scheduled an auction on February 11, 2020. At the auction, the subsequent bids would be in increments of $0.05 million. The stalking horse bidder would be entitled to a break-up fee of $0.23 million and expense reimbursement of $0.10 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for February 21, 2020.