Product Quest trustee seeks approval of $1.25 million Minoxidil sale

By Caroline Salls

Pittsburgh, Jan. 7 – Product Quest Manufacturing, LLC Chapter 7 trustee C. Edwin Allman III requested court approval of the private sale of the company’s Minoxidil assets, according to a motion filed Friday with the U.S. Bankruptcy Court for the Middle District of North Carolina.

The assets include abbreviated new drug applications, samples, finished goods and packaging.

Atlantic Coast Media Group LLC has agreed to purchase the assets for $1.25 million.

If the court approves a sale of the Minoxidil assets to a third party under specified conditions, Product Quest will pay Atlantic Coast a $49,800 break-up fee and reimburse up to $100,000 of its sale-related expenses.

The trustee said he recommended that any competing bids be at least equal to Atlantic Coast’s offer, plus the amount of the bid protections and a $25,000 overbid amount.

A hearing is scheduled for Jan. 23.

Holly Hill, Fla.-based Product Quest manufactures primarily over-the-counter drugs and cosmetics, as well as some prescription drugs and animal health products. The company filed bankruptcy on Sept. 7, 2018 under Chapter 11 case number 18-50946.

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