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HyreCar (OTC: HYREQ) has filed for Chapter 11 bankruptcy in Delaware and motioned for an auction to sell its assets under Section 363 of the Bankruptcy Code. The auction is part of a process to continue operations while pursuing the best offer for its assets. Holmes Motors Inc. is the stalking horse bidder, proposing $7.75 million for the assets and has provided a $5 million debtor-in-possession loan. Interested third parties may bid, with a minimum competing offer set at $8.2075 million. The auction timeline includes key dates from March 13 to May 10, 2023.
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