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PUBLIC NOTICE OF AUCTION: Innovation Pet, Inc.

Notice of December 30th Bid Deadline in Bankruptcy Auction of In re Innovation Pet, Inc.

1. Case Information. The name of the chapter 11 case is In re: Innovation Pet, Inc., which is pending before Bankruptcy Judge Scott. C. Clarkson as Case No. 8:20-bk-13223-SC in the United States Bankruptcy Court, Central District of California, Santa Clara Division (“Bankruptcy Court”).

2. Company Information. Innovation Pet, Inc. (“IPC”) is a designer and seller of innovative pet products. IPI’s innovative products include items such as chicken coops, dog houses, and duck houses, as well as animal treats and toys.

3. Assets to be Sold. IPC has proposed to sell substantially all of its assets to the highest bidder. The assets to be sold include but are not limited to various trademarks, the Debtor’s customer list, and a small amount of inventory.

4. Bidding Procedures.

  1. On 12/3/2020, the Bankruptcy Court entered an order in IPC’s bankruptcy case approving the bidding procedures which will govern the auction.
  2. The stalking horse bid is $500,000. Initial overbid must be at least $550,000 plus repayment of the amount of the post-petition loan made by the stalking horse bidder. Any overbid must be accompanied by a deposit of 10% of the proposed purchase price. Click here to see the Notice of Auction and Sale Hearing which includes the entirety of the bidding procedures.
  3. Bid Deadline is 12/30/2020 at 12:00 p.m., however final bidding will take place at the same time as the United States Bankruptcy Court hearing to approve the sale which is 1/7/2021 at 1:30 p.m. The hearing will be conducted remotely by video conference service.

5. Additional Information. For information regarding the auction or attendance at the hearing, please contact IPC’s counsel, James C. Bastian, Jr. or Melissa Davis Lowe at 949-340-3400 or [email protected] or [email protected]

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The editors and editorial board of DailyDAC include preeminent restructuring and insolvency professionals, journalists, and editors. They are devoted to providing reliable and plain English education and deal intelligence about assignments, corporate bankruptcy, receiverships, out-of-court workouts and similar topics.

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