Global Eagle Entertainment Inc. filed a motion in the US Bankruptcy Court for the sale of substantially all its assets on July 24, 2020. The debtor seeks the Court’s approval for the sale of substantially all its assets to GEE Acquisition LLC, the stalking horse bidder, 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. The debtor’s assets include all assets and liabilities of the debtor. 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 more than the initial purchase price. The debtor has scheduled an auction on October 9, 2020. At the auction, the subsequent bids would be in increments of $1 million. The sale hearing is scheduled for October 15, 2020. The proceeds from the sale would be used to pay off the amount owed to the debtor’s pre-petition lender.