VPX Sports files bid procedures for assets, eyes April 17 auction

By Sarah Lizee

Olympia, Wash., Jan. 30 – Vital Pharmaceuticals, Inc., which does business as VPX Sports, is seeking approval of the bid procedures for its assets, according to a motion filed Friday with the U.S. Bankruptcy Court for the Southern District of Florida.

Under the proposed bid procedures, the deadline to file a stalking horse selection would be 11:59 p.m. ET on March 13.

The competitive bid deadline would be noon ET on April 11, and selection of the starting bid for auction would be by 4 p.m. ET on April 14.

An auction, if needed, would be held on April 17.

The proposed sale hearing would take place on April 26.

If a stalking horse is chosen, each bid must be equal to the amount of the stalking horse bid, plus the amount of the bid protections, plus a minimum bid increment of $10 million.

Subsequent bids must be in minimum increments of $10 million.

Each bid must be accompanied by a cash deposit of $50 million.

The company said that while it doesn’t know the amount or extent of stalking horse bid protections at this time, it doesn’t intend to provide bid protections in excess of 3% of the proposed cash purchase price.

The Pembroke Pines, Fla.-based the maker of Bang energy drinks and other products filed Chapter 11 bankruptcy on Oct. 10 under case number 22-17842.

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