Karmaloop, Inc. Bankruptcy New Filing Alert: Motion For Authority To Sell Assets Of The Estates Pursuant To Section 363 Of The Bankruptcy Code

On March 30, 2015, a motion for authority to sell assets of the estates pursuant to section 363 of the Bankruptcy Code was filed in the bankruptcy case of Karmaloop, Inc. and its affiliates.

The filing was assigned docket number 72 and is described on the court’s official docket as follows:

Motion to Shorten / Debtors’ and Debtors-In-Possession’s Motion to Shorten Notice Regarding Limited Relief Sought in its Motion for Entry of (I) an Order Approving and Authorizing (A) Bidding Procedures in Connection with the Sale of the Debtors’ Assets; (B) the Form and Manner of Notice of the Sale Hearing and (C) Related Relief; and (II) an Order Authorizing (A) the Sale of the Debtors’ Assets Free and Clear of All Liens, Claims and Encumbrances, (B) the Debtors to Enter into and Perform their Obligations Under the Asset Purchase Agreement; (C) the Assumption and Assignment of Certain Executory Contracts and Unexpired Leases in Connection Therewith; and (D) Granting Related Relief (related document(s)[71]) Filed by Karmaloop, Inc.. (Attachments: # (1) Exhibit A – Proposed Form of Order) (Kortanek, Steven)

Karmaloop, Inc. filed for bankruptcy protection, or had an involuntary bankruptcy petition filed against it, on March 23, 2015. The bankruptcy case is pending before the United States Bankruptcy Court for the District of Delaware. The case number for the lead bankruptcy case is 15-10635. The bankruptcy case is currently assigned to United States Bankruptcy Judge Kevin Carey. The law firm of Burns & Levinson LLP is acting as lead bankruptcy counsel to Karmaloop, Inc. in the bankruptcy case.


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