Dowling College gets $8 million stalking horse bid for Oakdale campus

By Caroline Salls

Pittsburgh, March 27 – Dowling College requested court approval to pay a termination fee and expense reimbursement, if necessary, in connection with an $8 million stalking horse bid from Vanderbilt Palace LLC for Dowling’s Oakdale, N.Y., campus, according to a motion filed March 24 with the U.S. Bankruptcy Court for the Eastern District of New York.

Specifically, Dowling said it would pay Vanderbilt a termination fee of 1% of the purchase price and reimburse up to $80,000 of its sale-related expenses if an order is entered approving an alternate transaction.

Competing bids are due by 4 p.m. ET on March 29.

An auction will be held on April 4, if necessary. The sale hearing is scheduled for April 10.

A hearing on approval of the bid protections is scheduled for Thursday.

Dowling is based in Oakdale, N.Y. The college filed for bankruptcy on Nov. 29 under Chapter 11 case number 16-75545.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.