The North York-based confectioner filed for Chapter 11 bankruptcy protection in March.
It has proposed to sell substantially all of its assets — excluding real estate, cash and accounts receivable —to buyer Divine Serendipity LLC for $885,000, according to an Aug. 3 filing.
The proposed sale would be free and clear of liens, encumbrances, claims and obligations, the filing stated.
Divine Serendipity President and CEO William "Wayne" Sellers previously requested to buy substantially all of the company's assets for $1.5 million.
Sellers, an Alabama-based businessman, has said he wants to buy the operations and continue doing business under the Wolfgang name.
A letter dated Aug. 2 and included in the court filing revises the offer to the new purchase price and a monthly triple-net lease rate of $10,000 for Wolfgang's real property for a term of four years, according to the filing.
Objections or higher bids must be filed no later than 5 p.m. today, and if none are filed with the court, it may act on the motion without further notice, the filing stated.
The hearing is scheduled for 9:30 a.m. Wednesday at the United States Bankruptcy Court for the Middle District of Pennsylvania in Harrisburg, according to the filing.