The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of the substantially all the assets of Athersys, Inc. on February 13, 2024. The Court approved the asset purchase agreement between the debtor and HEALIOS K.K., the stalking horse bidder, for the sale of its substantially all its assets for a purchase price of $2 million in cash. To qualify as a qualified bidder, interested parties should submit their bids by February 29, 2024.

The initial minimum overbid should be in the amount of $0.225 million more than the initial purchase price. If the debtor receives any qualified bids then it would hold an auction for its assets on March 5, 2024. At the auction, the subsequent bids would be in increments of $0.2 million.

The stalking horse bidder would be entitled to a break-up fee of $0.10 million and expense reimbursement of $0.13 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for March 19, 2024.