Proposed Bankruptcy Court-Approved Sale

Property Overview

The Industrial Authority of Mayfield-Graves County (the “Debtor”) is seeking bidders at an auction of the real property and improvements on a 34.379-acre tract of land located at 3155 State Route 45 North, Mayfield, Graves County, Kentucky a/k/a The GenCanna Site (the “GenCanna Site”).

Auction Process Overview

The Bankruptcy Court has set December 14, 2023, at 4:00 p.m. (Central Time) as the deadline (the “Stalking Horse Deadline”) for the Debtor to designate a Stalking Horse Bidder. Upon and after the designation of a Stalking Horse Bidder, the Debtor will continue soliciting interest from and assisting Potential Bidders in all regards related to the sale. For the avoidance of doubt, even if the Debtor does not designate a Stalking Horse Bidder prior to the Stalking Horse Deadline, Potential Bidders will be able to submit Qualified Bids (as defined in the Bidding Procedures) prior to the Bid Deadline. The Bankruptcy Court has set January 24, 2024, at 4:00 p.m. (Central Time) as the Bid Deadline.

If necessary, an auction will take place on January 31, 2024, at 9:00 a.m. (Central Time) at the offices of WK&T Tech Park, 100 WK&T Technology Park, Bldg. 800, Mayfield, KY 42066 and via virtual platform, such as Zoom or GoToMeeting, or such other place as may be designated by the Debtor, at a time and place as the Debtor may determine consistent with any requirements of the Bankruptcy Court. If only one Qualified Bid (including any Stalking Horse Bid) for the Assets is received, the auction for the assets may be cancelled, and the Qualified Bid received will be designated the Successful Bid (as defined in the Bidding Procedures) for the assets.

At the auction, participants will be permitted to increase their initial Qualified Bids and improve their terms; provided, however, any such increased or improved bid must be a Qualified Bid. After determining which Qualified Bid represents the best bid for the Assets, the Debtor will designate such as the “Successful Bid” and the bidder as the “Successful Bidder.”

This court-approved sale is advantageous because the Bankruptcy Court enters an order providing that the sale shall be free and clear of all liens, claims, encumbrances, and other interests so that the buyer's title to the assets is protected from legacy claims.