AeroFarms seeks court approval of bid procedures for assets

By Sarah Lizee

Olympia, Wash., June 29 – AeroFarms, Inc. set the bid procedures for the sale of its assets, according to a motion filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

Under the proposed bid procedures, bids are due by 5 p.m. ET on Aug. 16, an auction is scheduled for Aug. 17 and a sale hearing will take place on Aug. 22.

The company is also seeking approval to choose a stalking horse bidder.

Parties who hold perfected liens in the debtors’ assets may seek to submit credit bids. As such, the company is seeking authorization for parties to credit bid.

A hearing on approval of the bid procedures is scheduled for July 10.

The indoor vertical farming company is based in Newark, N.J. The company filed bankruptcy on June 8 under Chapter 11 case number 23-10737.

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