Francesca's Holdings Corporation filed a motion in the US Bankruptcy Court for the sale of substantially all its assets on December 4, 2020. The debtor seeks the Court’s approval for the sale of substantially all its assets to TerraMar Capital LLC, the stalking horse bidder, for a purchase price of $23.12 million in cash. To qualify as a qualified bidder, interested parties should submit their bids by January 13, 2021, along with good-faith deposit in the amount of 5% of the bid price. The initial minimum overbid should be at least $0.25 million more than the stalking horse purchase price plus the stalking horse bidder’s break-up fee and expense reimbursement. The debtor has scheduled an auction on January 15, 2021. 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 $0.69 million and expense reimbursement of $0.35 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for January 19, 2021. Target closing date is scheduled as January 20, 2021.