Modern Times  – Going Concern Asset Offering

ONYX was formally engaged as the exclusive sales agent for Modern Times Beer & Coffee to market and sell all of the company’s assets as a going concern. Modern Times is ranked in the Top 50 craft brewers nationally and Top 10 in California. The offering includes Modern Times’s intellectual property (patents, trademarks and brands), two operating breweries capable of producing 60,000+ barrels annually, two restaurants, four taprooms, inventory, and other equipment.

The Receiver retained ONYX’s services to market the assets as a going concern. The secured lender has agreed to fund the business of Modern Times during this sale process.    The due diligence period ran until the overbid submission deadline at 5:00pm (PT) on June 13, 2022.  ONYX secured an approved Stalking Horse bid of $7.62 million. ONYX then procured additional parties to participate as overbidders in the June 17^th auction which created a robust event that consisted of over 70 individual bids and resulted in a winning bid of almost double the initial stalking horse bid.  The Auction concluded Friday – June 17, 2022, with the Court formally approving the Sale on June 24, 2022. Funded and closed in October 2022.

Process Timeline (as approved by the Court)

1. Due Diligence period closure –  Monday, June 13, 2022
2. Overbid submission deadline – 5:00 (PT), Monday, June 13, 2022
3. Auction – Friday, June 17, 2022
4. Auction – Concluded – Sale Confirmation Pending Court Approval
5. Court Approval – June 24, 2022

Due Diligence Facility Tour

 Available Dates*:        Dates TBD

*ONYX requires at least 48 hours’ notice in scheduling facility inspections. Facility and inspection details will be provided upon confirmation.

Disclaimer

ONYX has not independently verified any of the information provided or contained herein. Neither ONYX or any of its affiliates or representatives or advisors makes any representation, warranty or guaranty of any kind, express or implied, as to the accuracy, completeness or reasonableness of the information contained herein or any other written or oral communication transmitted or made available to any recipient. ONYX and its respective affiliates and representatives expressly disclaim any and all liability based on or arising from, in whole or in part, such information, errors therein or omissions therefrom.

Timing and details of the auction will be added to the Data Room once confirmed.