Loot Crate cancels auction, to seek OK of noteholder affiliate’s bid

By Caroline Salls

Pittsburgh, Sept. 24 – Loot Crate Inc. cancelled the auction for the sale of substantially all of its assets and will ask the U.S. Bankruptcy Court for the District of Delaware to approve the stalking horse bid, according to a notice filed Tuesday.

As previously reported, Loot Crate Acquisition LLC, an affiliate of Loot Crate noteholder Money Chest, LLC, is the stalking horse bidder.

The buyer will pay $30 million in the form of a credit bid of the company’s debtor-in-possession loan agreement and first-lien loan agreement obligations.

The company said it did not receive any other qualified bids for the assets.

The sale hearing is scheduled for Sept. 26.

Los Angeles-based Loot Crate sells pop culture subscription boxes. The company filed bankruptcy on Aug. 11 under Chapter 11 case number 19-11791.

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