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Forma Brands cancels auction, will seek approval of sale to lenders
By Sarah Lizee
Olympia, Wash., March 7 – Forma Brands, LLC canceled an auction previously scheduled for Wednesday and will seek approval to sell its assets to stalking horse bidder FB Acquisition LLC, an entity formed by a group of its secured lenders, according to a notice filed Monday with the U.S. Bankruptcy Court for the District of Delaware.
The company said no other qualified bids were received by the bid deadline of 5 p.m. ET on March 2.
The assets set to be purchased under the stalking horse agreement include Forma Brands’ wholesale operations, online platforms and international Morphe retail stores.
The purchase price is a credit bid in an amount equal to $690 million, as well as cure costs, the assumption of assumed liabilities and cash.
A sale hearing will take place on March 21.
The Los Angeles-based beauty brand developer filed bankruptcy on Jan. 12 under Chapter 11 case number 23-10025.
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