The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of substantially all the assets of Orchids Paper Products Company on May 20, 2019. The Court approved the asset purchase agreement between the debtor and Orchid Investments LLC, the stalking horse bidder, for the sale of substantially all its assets for a purchase price of $175 million in cash. To qualify as a qualified bidder, interested parties should submit their bids by June 24, 2019. The initial minimum overbid should be in the amount of $0.5 million. If the debtor receives any qualified bids then it would hold an auction for its assets on June 27, 2019. At the auction, the subsequent bids would be in increments of $0.50 million. The stalking horse bidder would be entitled to a break-up fee of $5.25 million or 3% of purchase price and expense reimbursement of $0.50 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for July 1, 2019.