Express, Inc., filed a motion in the US Bankruptcy Court for the sale of substantially all its assets on April 22, 2024. The debtor seeks the Court?s approval for the sale of its substantially all its assets to the stalking horse bidder. To qualify as a qualified bidder, interested parties should submit their bids by May 24, 2024, in the event of a Going-Out-Of-Business Bid Deadline; June 3, 2024, in the event of a Going-Concern Sale Transaction; or June 4, 2024, in the event that there is not a Going-Concern Sale Transaction; and in the event of a Going-Concern Sale Transaction, such Sale Transaction must be consummated not later than June 10, 2024, along with good-faith deposit in the amount of 10% of the bid price.

The debtor has scheduled an auction on May 24, 2024, in the event of a Going-Out-Of-Business Bid Deadline; June 3, 2024, in the event of a Going-Concern Sale Transaction; or June 4, 2024, in the event that there is not a Going-Concern Sale Transaction; and in the event of a Going-Concern Sale Transaction, such Sale Transaction must be consummated not later than June 10, 2024. At the auction, the subsequent bids would be in increments of $0.1 million. The stalking horse bidder would be entitled to a break-up fee of 3% of purchase price and expense reimbursement of 3% of purchase price in case of termination of the asset purchase agreement.

The sale hearing is scheduled for June 7, 2024, and June 11, 2024.