The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of substantially all the assets of ContraFect Corporation on February 9, 2024. The Court approved the asset purchase agreement between the debtor and the stalking horse bidder. The stalking horse bid deadline is on February 22, 2024, and the trustee shall designate any stalking horse bids by February 23, 2024.

To qualify as a qualified bidder, interested parties should submit their bids by February 29, 2024. If the debtor receives any qualified bids, then it would hold an auction for its assets on March 6, 2024. The stalking horse bidder would be entitled to a break-up fee and expense reimbursement in case of termination of the asset purchase agreement.

The sale hearing is scheduled for March 12, 2024.