Gold Standard Cancels Ch. 11 Auction, Accepts $20M Bid 1 Gold Standard Cancels Ch. 11 Auction, Accepts $20M Bid

Gold Standard Cancels Ch. 11 Auction, Accepts $20M Bid

By Elaine Briseño (July 27, 2022, 7:18 PM EDT) — Gold Standard Baking LLC received no other qualified offers, making a $20 million stalking horse credit bidder the top contender to purchase its assets and negating the need for an auction, according to a cancellation notice filed in a Delaware bankruptcy court Tuesday.

The stalking horse credit bidder is Baking 37 Holdings, which comprises Gold Standard employees, including the current CEO, and a consortium of investment firms, according to court records. In addition to the bid, Baking 37 provided $1.5 million in debtor-in-possession financing, $500,000 of which the company was able to access.

A hearing to approve the stalking horse sale…