Granite City Food & Brewery, Ltd. filed a motion in the US Bankruptcy Court for the sale of substantially all its assets on December 20, 2019. The debtor seeks the Court’s approval for the sale of substantially all its assets to KRG Granite Acquisition, LLC, the stalking horse bidder, for a purchase price of $7.5 million in cash pursuant to the asset purchase agreement, dated December 16, 2019. 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 and cash deposit in the amount of $0.23 million with escrow agent, Wilmington Trust, N.A. The initial minimum overbid should be at least more than $7.83 million. The debtor has scheduled an auction on February 13, 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 18, 2020. The proceeds from the sale would be used to pay off the amount owed to the debtor’s pre-petition lender. The buyer is represented by Michael Kelly of Kelly Investment Group, LLC as its legal counsel.