Local Corporation filed a motion in the US Bankruptcy Court for the sale of substantially all its assets on October 23, 2015. The debtor seeks the Court's approval for the sale of substantially all its assets to Media.Net Advertising FZ-LLC, the stalking horse bidder, for a purchase price of $3 million in cash pursuant to the asset purchase agreement. The debtor's assets include intellectual property, tangible assets, insurance benefits and goodwill.

To qualify as a qualified bidder, interested parties should submit their bids by November 13, 2015. The initial minimum overbid should be at least $0.25 million more than the initial purchase price. The stalking horse bidder and each qualified bidder must make a good faith deposit of 10% of the purchase price.

The debtor has scheduled an auction on November 17, 2015. At the auction, the subsequent bids would be in increments of $0.05 million. The stalking horse bidder would be entitled to expense reimbursement of $0.15 million in case of termination of the asset purchase agreement.

The sale hearing is scheduled for November 19, 2015. The purchaser is represented by Womble Carlyle Sandridge & Rice, LLP and BakerHostetler as legal counsels.