The US Bankruptcy Court gave an order approving the sale of substantially all the assets of NewAge, Inc. on October 17, 2022. The debtor has been authorized to sell substantially all its assets to DIP Financing, LLC for a consideration consisting of assumed liabilities, payment of all cure cost, the credit bid of the full outstanding amount of the DIP credit agreement indebtedness, the credit bid of the full outstanding amount of the prepetition loan agreement indebtedness and closing cash consideration. The debtor's assets include substantially all its assets.

The debtor did not receive any other competing bids for the purchase of its assets and therefore DIP Financing, LLC emerged as the winning bidder.