Nogin gets approval of bid procedures for alternative transactions

By Sarah Lizee

Olympia, Wash., Jan. 11 – Nogin, Inc. received approval of bid procedures for the solicitation of alternative transactions to its proposed Chapter 11 plan, according to an order filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, the company has entered into a restructuring support agreement with plan sponsor B. Riley Principal Investments, LLC and an informal group of holders of the company’s convertible senior notes.

Under the Chapter 11 plan, a $24.7 million debtor-in-possession facility with the RSA parties will be equitized into 100% ownership of the reorganized debtors or will be used to acquire substantially all of the debtors’ assets.

The RSA parties agreed that the proposed transaction would be subject to higher and better offers through the court-supervised auction process, with B. Riley acting as stalking horse bidder.

Under the bid procedures, the bid deadline is 4 p.m. ET on Feb. 16.

An auction, if required, will be held on Feb. 20.

And a sale hearing is set to take place on Feb. 29.

The New York-based online retail company filed bankruptcy on Dec. 5 under Chapter 11 case number 23-11945.

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