California Pizza Kitchen cancels auction for substantially all assets

By Sarah Lizee

Olympia, Wash., Oct. 7 – California Pizza Kitchen, Inc. canceled the auction for substantially all of its assets previously scheduled for Oct. 8, according to a notice filed Tuesday with the U.S. Bankruptcy Court for the Southern District Of Texas.

The debtors said no qualified bids were submitted by the bid deadline, which was 1 p.m. ET on Oct. 2.

As previously reported, under the bidding procedures, the debtors could select one or more acceptable bidders to act as stalking horse bidders.

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

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

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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