Bankruptcy Judge Rejects Creditor Objections, Approves Winc Sale To Stalking Horse

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ARTICLE IN PROGRESS

Despite strong objections from Winc’s UnSecured Creditor’s committee, a judge for the Delaware Bankruptcy Court ruled January 18, that the insolvent subscription wine company is free to sell all its assets free and clear to Project Crush Acquisition Corp LLC (Delaware), a newly created LLC corporation run by created by Mark Lynn who is a Winc co-founder and currently the CEO of the Amass Group which is the stalking horse.

No other bidders came forward.

Wine Industry Insight has not had time to review yesterday’s lengthy filings, but will follow up as time allows.

The complete set of the filings from yesterday’s decision is available to premium Wine Executive News Subscribers at the top links, above.

January 18 Bankruptcy Filings

(Premium links for Wine Executive News Subscribers

• ECF-1-Exhibit A- Creditors Committee.pdf
• ECF203-Order Authorizing Sale Of Debtors Assets Free And Clear
• ECF203-1-Purchase Agreement
• ECF203-2-Transition ServicesAgreement
• ECF203-3-Master Services Agreement
• ECF203-4-Settlement Term Sheet

Previous Wine Industry Insight Articles And Documents On Winc:

Winc Files Holiday Onslaught of Bankruptcy Documents; Unsecured Creditors Fire Back On New Year’s Eve

• Deadline Looms For Bids To Buy Winc Assets. Creditor Group Objects, Wants Postponement, Rules Changes
• Winc Lawyers File Last Minute Blizzard Of Bankruptcy Court Documents. Deadlines Moved. Other Changes Seem Minor
• Winc slashes IPO 73% after postponement, bails on “white shoe” underwriters.
• Wine Club Winc postpones $75 million IPO. A look at one number might be the key.
• Winc, Part 1: What happens if a company blows a federal court filing deadline?
• Winc, Part 2: What happens if a company blows a federal court filing deadline?
• Winc’s not-so-Netflixy customer retention rate — here’s how the math works
• Winc falls way short of being “The Netflix of Wine” when it comes to customer retention
• Winc raises $3+ million in latest offering, but fails to disclose federal court case brought against it by state of Ohio
• Winc the Netflix of wine? (Nope)
• Winc’s registered investment offering closes Friday
• Winc (Formerly Club W) comes in at #7 In WII’s Winetech funding survey

Many More Details In The Full Document Links For Premium Subscribers

• ECF100-Unsecured Creditors Objection To Final Order And Request For Adjournment – 123022.pdf
• ECF47-Omnibus Proposal For Bidding Procedures & Deadlines
• ECF47-2-Order-Winc-Proposed Bidding Procedures-120722
• ECF47-3-Order-Stalking Horse Agreement-120722.pdf
• ECF47-4-Winc – Sale Notice-120722.pdf
• ECF47-Winc – Bidding Procedures-120722.pdf
• ECF75-Objection By OFFICIAL COMMITTEE OF UNSECURED CREDITORS-122122.pdf
• ECF75-2-Creditors Committee-ExhibitB.pdf
• ECF75-3-ExhibitC-creditorscommittee.pdf
• Winc Bankruptcy – Creditormatrix.pdf