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Danimer Scientific’s property and assets could be sold off as early as May. In a motion filed by Danimer in the United States Bankruptcy Court on March 27, a proposed schedule for the sale of the company’s assets was listed, as well as a timeline of the company’s efforts to avoid bankruptcy in the months leading up to its Chapter 11 filing.

According to the motion, in October of 2024, Danimer (referred to as “the Debtors”) began meeting with restructuring counsel and investment banking, followed by a meeting with a financial advisor in November 2024, “to work with the Debtors in evaluating all potential strategic alternatives to preserve and maximize value.”

The motion states that Danimer had been looking into various financing options in October 2024. This included “seeking to raise additional financing from various creditors, equity holders, strategic partners, and other third parties” as well as “attempting to market and sell all or a portion of the Debtors’ assets and/or obtain a substantial investment to support the Debtors’ operation as a going-concern”.

The motion goes on to discuss the proposed bidding procedures, which includes stalking horse bidders. A stalking horse bid is set by one entity bidding on a bankrupt company’s assets, and sets the minimum bidding price. This is done to prevent underbidding. The schedule for bidding and auction Danimer has proposed (which is subject to court approval), includes the following dates and deadlines:

-April 25, 2025: Deadline for entry into a stalking horse agreement

-Witihin one business day of entering into a stalking horse agreement, Danimer must file a notice of entry into this agreement

-May 2, 2025: Deadline for bids to be entered

-May 4, 2025: Danimer must notify which bidders are qualified

– May 5, 2025: Proposed date for the auction of Danimer assets

-May 5, 2025, 5:00 PM: The deadline for assumption and assignment objections to be filed with the court

-Within one business day, Danimer must file notice of the winning bidders

-May 7, 2025: The deadline for any objections to the sale

-May 16, 2025: The proposed deadline for the closing of all sale transactions

The Post-Searchlight has reached out to Danimer for comment, but has not received any response.