Morinda Bioactives
October 17, 2022
The U.S. Bankruptcy Court for the District of Delaware approved the sale of substantially all assets of NewAge, Inc., Ariix, Morinda Holdings and Morinda, Inc. to DIP Financing, LLC, the stalking horse bidder in the Chapter 11 cases. The order was entered in Case No. 22-10819 before Judge Laurie Selber Silverstein.
The buyer is affiliated with John Wadsworth, one of the original Tahitian Noni brand partners and a long-time Morinda field leader. The purchase price consists of a credit bid of amounts owed under the debtor-in-possession and prepetition loans plus the assumption of specified liabilities and cure costs. The auction was cancelled after no other qualified bids were received, and the sale hearing took place October 11. The order provides a trust for general unsecured creditors of at least 1.5 million dollars.
Morinda, maker of Tahitian Noni juice, combined with NewAge in 2018. NewAge filed for Chapter 11 protection on August 30, 2022.