On February 8, Ocho Candy, Inc., a Delaware Corporation (“Ocho” or the “Company”), executed a General Assignment for the Benefit of Creditors (the “Assignment”) in favor of Ocho ABC, a Delaware Series limited liability company (the “Assignee”) in accordance with the applicable provisions of California law governing General Assignments for the Benefit of Creditors.
Pursuant to the Assignment, the Company transferred to the Assignee for liquidation all of the Company’s ownership of, and all of its rights to and in, the Company’s tangible and intangible assets. The Assignee will, as appropriate, liquidate any such assets and rights, wind down the Company, and distribute any net proceeds to creditors of the Company that timely submit claims as instructed below.