BOSTON, Mass., Nov. 01, 2016 (GLOBE NEWSWIRE) -- Così, Inc., the fast-casual restaurant company, today announced that, on October 24, 2016, the United States Bankruptcy Court for the District of Massachusetts (Eastern Division) entered the Order Establishing Bidding Procedures Relating to the Sale of All or a Portion of the Debtors' Assets [Docket No. 280]. The Bidding Procedures set forth the process by which Cosi and its subsidiaries (the " Debtors") are authorized to conduct an auction for the sale of all or substantially all of their assets under Section 363 of the Bankruptcy Code. The Bidding Procedures are for the purposes of seeking and evaluating offers for the assets, on the terms and provisions set forth in such Bidding Procedures, in addition to the bid contemplated by the proposed stalking horse bidder (" Stalking Horse Bidder") affiliated with the Debtors' debtor-in-possession lenders, as set forth in an asset purchase agreement dated as of October 18, 2016, among the Debtors and the Stalking Horse Bidder (the " Stalking Horse Agreement"), which remains subject to approval of the Bankruptcy Court. Bids must comply with each of the requirements set forth in the Bidding Procedures in order to be considered qualified bids. The Stalking Horse Bidder will be deemed a qualified bidder. To participate in the bidding process and to be considered a qualified bidder, an interested party must deliver an executed confidentiality agreement and demonstrate financial ability. Qualified bids must be received on or before November 28, 2016, at 5:00 p.m. Eastern Time, and must provide that the Sale will be consummated on or prior to December 14, 2016. If the Debtors receive no qualified bids for the assets (other than the bid of the Stalking Horse Bidder), the Debtors will not conduct the auction and will designate the bid of the Stalking Horse Bidder as the successful bid. If the Debtors receive one or more qualified bids, other than the bid of the Stalking Horse Bidder, the Debtors will conduct the auction on November 30, 2016, in accordance with the Bidding Procedures until the Debtors have selected the successful bid. The Debtors may consider, among other factors, the total consideration to be received for the assets as well as other financial and contractual terms relevant to the proposed sale, including those factors affecting the speed and certainty of consummating the sale.