The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of substantially all assets of the Kemmerer on February 4, 2019. The Court approved the asset purchase agreement between the debtor and the successful bidder, for the sale of substantially all its assets. The debtor seeks designate a stalking horse bidder for the assets by February 7, 2019.

To qualify as a qualified bidder, interested parties should submit their bids by February 15, 2019, along with good-faith deposit in the amount of $2.5 million of the bid price. The initial minimum overbid should be at least $0.5 million more than the initial purchase price. If the debtor receives any qualified bids then it would hold an auction for its assets on February 19, 2019.

The stalking horse bidder would be entitled to a break-up fee of 2.5% of the cash consideration million and expense reimbursement of $0.50 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for February 28, 2019.