Prime Trust seeks approval of bid procedures, seeks Oct. 10 auction

By Sarah Lizee

Olympia, Wash., Aug. 31 – Prime Trust, LLC is seeking approval of bid procedures for its assets or equity, according to a motion filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

The company is also seeking approval to enter into one or more stalking horse agreements.

Bid protections under any stalking horse agreements would include a $750,000 expense reimbursement and a 3% breakup fee.

Under the bid procedures, the deadline to submit a stalking horse bid is Sept. 25, the deadline to submit competing bids is Oct. 5, an auction is set for Oct. 10, and a sale hearing is set for Oct. 13, and an equity sale hearing would take place alongside the plan confirmation hearing.

Bids at auction must be made in increments of $250,000 or more.

The Las Vegas-based cryptocurrency custodian filed bankruptcy on Aug. 14 under Chapter 11 case number 23-11161.

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