The Wall Street Journal reported a judge ruled Crumbs Bake Shop may proceed with plans to sell itself at a bankruptcy auction, despite an objection from a newly formed creditor committee that more time is needed to look for prospective bidders.
The Journal said further U.S. Bankruptcy Judge Michael Kaplan in Trenton approved the auction timeline at a Thursday hearing, along with bidding procedures that include an $82,500 breakup fee to Marcus Lemonis and Fischer Enterprises if a competing offer trumps them at the auction.
Previously on abfjournal: Court Grants Crumbs Access to DIP Financing, July 22, 2014
To read the entire Journal article, click here.