Shift Technologies bid procedures approved with modifications

By Sarah Lizee

Olympia, Wash., Jan. 18 – Shift Technologies Inc.’s bid procedures for intellectual property were approved with modifications on Thursday, according to an order filed with the U.S. Bankruptcy Court for the Northern District of California.

As previously reported, the motion had drawn an objection from Region 17 U.S. trustee Tracy Hope Davis, who took issue with the condensed timeframe proposed by the company, which included a Feb. 1 sale hearing.

According to Thursday’s order, the timeline was pushed back so that the bid deadline is Feb. 1, an auction will take place on Feb. 5, and a sale hearing is scheduled for Feb. 22.

Davis also took issue with the 3% breakup fee and $50,000 expense reimbursement to any stalking horse bidders, which she said could chill bidding, but that issue was not mentioned in the order.

Shift Technologies is a San Francisco-based used car e-commerce platform. The company filed bankruptcy on Oct. 9 under Chapter 11 case number 23-30687.

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