Bankruptcy trustee seeks sale of 50 Below
October 2, 2012
Filed under News
The court-appointed bankruptcy trustee for 50 Below’s bankruptcy case has filed a motion in U.S. Bankruptcy Court to sell off the company’s assets.
The company could be sold in whole, including trademarks, divisions, contracts and unexpired leases, or it could be sold piecemeal, The Duluth News Tribune reported. The goal, however, is to sell the assets together and to continue to operate the company under new ownership.
A hearing on the bid request is set for Thursday, and a hearing on the sale will be held Nov. 7, with sealed bids due by Oct. 29. 50 Below could be out of Chapter 11 bankruptcy by Nov. 10, Michael McGrath, the attorney who filed the bankruptcy, reported to the newspaper.
50 Below filed for bankruptcy on Aug. 29. The Duluth, Minn.-based website provider, which has 250 employees, claimed liabilities of $12 million to 20 creditors in its filing.
To read the full story from The Duluth News Tribune, click here.