Crumbs Bake Shop: Bancrupty Court Approves Sale

New York / NY. (div) Crumbs Bake Shop Inc. is back in business. After approval of the Honorable Michael B. Kaplan, United States Bancrupty Judge for the District of New Jersey, the cupcake specialty store chain will reopen its stores under a new ownership team. In early Juli Crumbs had entered into an Asset Purchase Agreement through which Lemonis Fischer Acquisition Company LLC, a joint venture created by Marcus Lemonis LLC and Fischer Enterprises LLC, will acquire the Crumbs´ business as part of the company´s filing of voluntary Chapter 11 petitions in the United States Bankruptcy Court for the District of New Jersey.

On July 11, 2014, Crumbs Bake Shop Inc. and twenty-two affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code under the Case Number 14-24287. Some days later the company announced that the U.S. Bankruptcy Court approved all of the First Day Motions related to its voluntary Chapter 11 process initiated July 11, and outlined bid procedures that the Company would ask the Court to approve in connection with a Court-supervised auction process under Section 363 of the Bankruptcy Code.

On August 25 the Honorable Michael B. Kaplan, United States Bancrupty Judge for the District of New Jersey, ordered the (1) approving the form of «stalking horse» asset purchase agreement for the sale of all or substantially all of the debtors´ assets; (2) approving bidding procedures and form, manner and sufficiency of notice; (3) approving expense reimbursement and break-up fee; (4) scheduling (a) an auction sale and (b) a hearing to consider approving the highest or best offer; (5) approving the form of notice of the assumption and assignment of certain executory contracts and unexpired leases and of associated cure amounts, and (6) granting other related relief. This document No. 79 in the case 14-24287-MBK (28 pages, format PDF) is available on the server of the United States Bankruptcy Court for the District of New Jersey.

bakenet:eu
Back to top