The Chapter 7 Trustee filed a motion in the US Bankruptcy Court for the sale of Lithium Technology Corp.'s substantially all its assets on January 8, 2016. The trustee seeks the Court's approval for the sale of debtor's substantially all assets to The Virium Group for a purchase price of $2.5 million in cash and credit bid pursuant to memorandum of understanding date December 30, 2015. The sale will be subject to higher and better offers.

The debtor's assets include all of debtor's estate rights, titles and interests in tangible and intangible property of the debtor. The buyer shall deposit sum of $0.2 million as part of the sale. The initial minimum overbid should be $2.6 million including at-least a deposit of $0.3 million.

If the competing bidder is the successful bidder, Virium Group will be a backup purchaser at the price of its highest offer will receive a refund of its deposit and payment of $2.3 million in full satisfaction of its secured claim. Janet M. Meiburger of The Meiburger Law Firm, P.C. acted as legal advisor to Virium Group.