California Pizza Kitchen gets court approval of bidding procedures

By Sarah Lizee

Olympia, Wash., Sept. 23 – California Pizza Kitchen, Inc. received approval of the bidding procedures for the sale of substantially all of its assets, according to an order filed Wednesday with the U.S. Bankruptcy Court for the Southern District of Texas.

The debtors may select one or more acceptable bidders to act as stalking horse bidders.

The stalking horse bid agreement will provide for bid protections of up to 3% of the proposed purchase price.

The initial minimum overbid amount will be the amount provided for in the stalking horse bid, plus the amount of the bid protections, plus $500,000. Subsequent bids must be made in minimum increments of $500,000.

Bids are due by 1 p.m. ET on Oct. 2.

An auction, if necessary, will be held on Oct. 8.

California Pizza Kitchen is a Playa Vista, Calif.-based casual dining chain and a distributor of frozen food products. The company filed bankruptcy on July 29 under Chapter 11 case number 20-33752.

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