Protea Biosciences, Inc. filed a motion in the US Bankruptcy Court for the sale of substantially all its assets on December 5, 2017. The debtor seeks the Court’s approval for the sale of substantially all its assets to Summit Resource Inc. the stalking horse bidder, for a purchase price of $1 million in the form of a credit bid pursuant to the asset purchase agreement. To qualify as a qualified bidder, interested parties should submit their bids at least seven business days prior to sale hearing date along with an earnest money deposit of $0.20 million. The initial minimum overbid should be at least in the amount of $1.15 million. At the auction, the subsequent bids would be in increments of $0.05 million. The stalking horse bidder would be entitled to a break-up fee of $0.1 million.