Swoozie’s, Inc. announced that it has received court approval to conduct a sale of all of its assets. U.S. Bankruptcy Judge C. Ray Mullins of the U.S. Bankruptcy Court for the Northern District of Georgia issued an order on Wednesday, March 10th, allowing Swoozie’s to conduct a sale of its assets. An auction will be held at the offices of Alston & Bird, LLP in Atlanta, GA on Thursday, March 25th, 2010, starting at 10:00 a.m. Eastern Daylight Time. Qualified Bidders must submit bids by 12:00 p.m. on Tuesday, March 23rd to be allowed to participate in the auction. Judge Mullins also scheduled a hearing for Monday, March 29th to review the auction results.
Swoozie’s also filed notice with the court that it has received a bid to purchase all of its assets from Hudson Capital Partners for approximately $5.340 million. This bid sets the floor price for the sale and Swoozie’s is seeking higher and better bids prior to and at the auction.
“This action is a necessary and responsible step to obtain the best value for all of our stakeholders,” said Kelly Plank Dworkin, CEO of Swoozie’s, Inc. Ms. Dworkin also stated, “While this opening bid contemplates a complete liquidation, we continue to be encouraged about the level of interest that we have received to keep the Swoozie’s brand and stores operating.”
Any parties interested in learning more should contact Swoozie’s legal counsel or financial advisor for additional information.
The company’s legal counsel is Dennis Connolly and Wendy Reingold Reiss of Alston & Bird, LLP and the company’s financial advisor is Lee Diercks of the Clear Thinking Group LLC.
For bankruptcy specifics, visit http://dm.epiq11.com/swoozies.