Kona Grill, Inc. filed a motion in the US Bankruptcy Court for the sale of substantially all its assets on May 14, 2019. The debtor seeks the Court’s approval for the sale of substantially all its assets to Williston Holding Company, Inc., the stalking horse bidder, for a purchase price of $25.44 million which includes cash consideration in the amount of $20.3 million, plus the assumption of certain liabilities in the aggregate approximate amount of $5.14 million pursuant to the asset purchase agreement, dated May 14, 2019. The debtor’s assets include it's remaining 27 restaurants and substantially all of the debtors’ other business assets and property associated with such restaurants along with assumed liabilities. To qualify as a qualified bidder, interested parties should submit their bids by July 18, 2019, along with good-faith deposit in the amount at least 10% of the bid price. The initial minimum overbid should be at least $0.25 million (after taking into account the Break-up Fee) more than the stalking horse bid. The debtor has scheduled an auction two days prior to the sale hearing i.e. July 21, 2019. The stalking horse bidder would be entitled to a break-up fee of $1 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for July 23, 2019. Closing shall be held upon the third business day following satisfaction of the conditions, and in any event no later than July 31, 2019.