The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of substantially all the assets of Melinta Therapeutics, Inc. on February 11, 2020. The debtor's assets include all the assets of debtor. To qualify as a qualified bidder, interested parties should submit their bids by March 2, 2020, along with good-faith deposit in the amount 10% of the bid price.

The initial minimum overbid should be at least in the amount of at least $141 million (140 million of prepetition credit agreement claims, $1 million overbid amount and the amount of non-acquired cash-on-hand on the expected closing date of the transaction). The debtor has scheduled an auction on March 6, 2020. At the auction, the subsequent bids would be in increments of $1 million.

The debtor seek authority to reimburse the supporting lenders for their reasonable and actual fees and expenses incurred in connection with the supporting lender transaction, in an amount not to exceed $2 million. The sale hearing is scheduled for March 13, 2020.