Noble House gets court approval of bid procedures for assets

By Sarah Lizee

Olympia, Wash., Sept. 20 – Noble House Home Furnishings LLC received approval of the bid procedures for its assets, according to an order filed Tuesday with the U.S. Bankruptcy Court for the Southern District of Texas.

GigaCloud Technology Inc. is approved to act as stalking horse bidder for the company’s assets.

The stalking horse agreement provides for a purchase price of $85 million, subject to a working capital adjustment, plus $4.11 million for equipment, in addition to assumed liabilities.

The deal includes a $3.4 million breakup fee and a $550,000 expense reimbursement.

Competing bids must be $93.3 million or more.

Under the bid procedures, the qualified bid deadline is 6 p.m. ET on Oct. 18, an auction is set for Oct. 23, and a sale hearing is scheduled for Oct. 25.

The outside closing date is Oct. 31.

The Chatsworth, Calif.-based home furniture company filed bankruptcy on Sept. 11 under Chapter 11 case number 23-90773.

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