According to the report, Pantogran will acquire most of CARD’s assets through a court-supervised auction process, acting as the “stalking horse bidder.” The transaction is expected to be completed within 60 days.
To facilitate the process, CARD has filed for a court-supervised restructuring under Chapter 11 of the U.S. Bankruptcy Code. The organization has received approximately $18 million in new financing and plans to support its operations, providing care, and work with suppliers as normal throughout the process.