AppHarvest Products, LLC filed a motion in the US Bankruptcy Court for the sale of certain assets on July 27, 2023. The debtor seeks the Court?s approval for the sale of its certain assets to CEFF II AppHarvest Holdings, LLC, the stalking horse bidder, for a purchase price of $113.18 million. The debtor?s assets include the Richmond facility and related assets, the Morehead facility and related assets, the Somerset facility and related assets and certain remaining real property, instruments, and robotics and intellectual property owned by the debtors.

To qualify as a qualified bidder, interested parties should submit their bids by August 21, 2023, along with good-faith deposit in the amount of 10% of the aggregate purchase price. The initial minimum overbid should be no less than $117.10 million. The debtor has scheduled an auction on August 24, 2023.

At the auction, the subsequent bids would be in increments of $0.25 million. The stalking horse bidder would be entitled to a break-up fee equal to 3% of the purchase price and expense reimbursement not to exceed $0.50 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for August 31, 2023.

The buyer is represented by Julian Gurule of Buchalter, A Professional Corporation and Rusty Brewer of Amis, Patel & Brewer, LLP as its legal advisors.