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Case 1:20-bk-12043 Doc 307 Filed 08/28/20 Entered 08/28/20 16:03:37 Desc Main <br />Document Page 2 of 10 <br />Horse Bidder and the Granting of Stalking Horse Protections, (C) Scheduling an Auction and Sale <br />Hearing and Approving the Form and Manner of Notice Thereof, (D) Approving the Procedures <br />for the Assumption and Assignment of Executory Contracts and Unexpired Leases, and <br />(E) Granting Related Relief, and (11) an Order Approving the Sale of Such Assets and Related <br />Relief [ECF No. 26 ("Sale Motion")], respectfully states as follows: <br />BACKGROUND <br />Debtors' Bankruptcy Cases and Sale Process <br />1. On July 22, 2020 ("Petition Date"), the Debtors filed voluntary petitions for relief <br />under chapter 11 of the United States Bankruptcy Code.2 The Debtors' cases are being jointly <br />administered, but they have not been substantively consolidated. [ECF No. 41.] The Debtors <br />continue to operate their businesses as debtors in possession pursuant to §§ 1107(a) and 1108. <br />2. No trustee or examiner has been appointed in any Debtor's chapter 11 case. An <br />Official Committee of Unsecured Creditors was appointed on July 30, 2020. [ECF No. 128]. <br />3. The Debtors filed the Sale Motion on the Petition Date. Among other things, that <br />Motion sought approval of a process under which the Debtors are seeking to sell substantially all <br />of their assets, including assuming and assigning unexpired leases that a purchaser wishes to <br />acquire. It also sought authority for the Debtors to enter into an Asset Purchase Agreement with <br />a "Stalking Horse Bidder" that was attached as Exhibit E to the Motion [ECF No. 26-5 ("Stalkin <br />Horse Agreement")]. <br />4. The Court approved the bidding procedures proposed in the Sale Motion and, on <br />August 12, 2020, entered the Order (A) Approving Bidding and Sale Procedures with Respect to <br />2 Unless otherwise indicated, all chapter and section references herein are to the Bankruptcy Code, 11 U.S.C. <br />§§ 101-1532. <br />2 <br />