Athersys, Inc. filed a motion in the US Bankruptcy Court for the sale of substantially all its assets on January 6, 2024. The debtor seeks the Court?s approval for the sale of substantially all its assets to HEALIOS K.K., the stalking horse bidder, for a purchase price of $2 million in cash pursuant to the asset purchase agreement, dated January 5, 2024. To qualify as a qualified bidder, interested parties should submit their bids by February 29, 2024, along with good-faith deposit in the amount of $0.28 million.

The initial minimum overbid should be at least $0.25 million more than the initial purchase. The debtor has scheduled an auction on March 5, 2024. At the auction, the subsequent bids would be in increments of $0.1 million.

The stalking horse bidder would be entitled to a break-up fee of $0.3 million and expense reimbursement of $0.2 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for March 14, 2024.