The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of substantially all the assets of Global Eagle Entertainment Inc. on August 19, 2020. The Court approved the asset purchase agreement between the debtor and GEE Acquisition LLC, the stalking horse bidder for the sale of substantially all its assets, for a purchase price which is sum of an amount up to 100% of the obligations owed by sellers under the pre-petition credit agreement as of the closing, only to the extent necessary to acquire any DIP collateral, up to $5million of the DIP obligations, an amount in cash equal to the sum of the amount set forth in the wind-down budget (and dip obligations outstanding as of the closing less the amount of the dip obligations and the assumption of the assumed liabilities pursuant to the asset purchase agreement, dated July 21, 2020. To qualify as a qualified bidder, interested parties should submit their bids by October 5, 2020 along with good-faith deposit in the amount of 10% of the bid price. The initial minimum overbid should be in the amount of $1 million more than the initial purchase price. If the debtor receives any qualified bids then it would hold an auction for its assets on October 9, 2020. At the auction, the subsequent bids would be in increments of $1 million. No bidder would be entitled to any break-up fee or expense reimbursement in case of termination of the asset purchase agreement. The sale hearing is scheduled for October 15, 2020.