Country Fresh gets court approval of bid procedures for all assets

By Sarah Lizee

Olympia, Wash., March 1 – Country Fresh Holding Co. Inc. received court approval of the bid procedures for the sale of its U.S. and Canadian assets, according to an order filed Friday with the U.S. Bankruptcy Court for the Southern District of Texas.

As previously reported, Stellex Capital Management is serving as stalking horse bidder for the assets, with a purchase price of $30 million in cash and $25 million in a secured note.

The stalking horse agreement provides for a $1.45 million break-up fee and an up to $700,000 expense reimbursement. Competing bids must exceed the stalking horse purchase price, plus the stalking horse bid protections, and a minimum overbid amount of $500,000 in cash or cash equivalents.

Bids are due by 5 p.m. ET on March 19, and an auction, if needed, will be held on March 22.

The U.S. sale hearing is scheduled for March 25, and the Canadian sale hearing is scheduled for March 26.

The Woodlands, Tex.-based company provides fresh-cut fruits and vegetables, ready-to-go meals and meal kits, behind-the-glass salads, snacks and bulk food components. The company filed bankruptcy on Feb. 15 under Chapter 11 case number 21-30574.

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