Luca International Group asks for permission to sell California property

By Mark Reccek

Bethlehem, Pa., Sept. 3 – Luca International Group LLC requested court approval to sell a property in California for $3.2 million, according to a motion filed Wednesday with the U.S. Bankruptcy Court for the Southern District of Texas.

The property is located at 3704 Monte Sereno Terrace, Fremont, Calif. A contract exists for current owner Bing Yang to sell the property for $3.2 million. Since there is a dispute over whether the property was purchased with funds owned by the Luca debtors and several disputed encumbrances held by creditors of the bankruptcy estate, Yang has agreed to convey the property to the company so it can be sold free and clear of the disputed encumbrances with the equity held in escrow subject to a determination of the ownership.

The buyer has agreed to extend closing to the week of Sept. 8, the motion said.

A hearing on the matter is scheduled for Sept. 8.

Luca International Group, a Houston-based explorer and producer of natural gas, petroleum and related hydrocarbons, filed for bankruptcy on Aug. 6. The Chapter 11 case number is 15-34221.

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