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Dowling College sale procedures and exclusivity extension approved
By Caroline Salls
Pittsburgh, Oct. 17 – Dowling College received court approval of the bid procedures for the proposed sale of its Brookhaven, N.Y., campus, according to an order filed Tuesday with the U.S. Bankruptcy Court for the Eastern District of New York.
Dowling said the Brookhaven campus was home to its School of Aviation, sports management program and NCAA Division II athletic program.
No stalking horse bidder has been identified to date, but the college reserved the right to select a stalking horse bid in the future.
If an auction is held, Dowling said only the top five bidders or those within 25% of the highest bid will be permitted to attend and participate at the auction.
Bids are due by 4 p.m. ET on Dec. 4.
An auction will be held on Dec. 7, if necessary. Bids at auction must be made in minimum increments of $100,000.
The sale hearing is scheduled for Dec. 18.
According to a separate order, Dowling’s exclusive period for filing a Chapter 11 plan was extended to Jan. 23 from Oct. 25 and its exclusive plan-vote solicitation period to March 26 from Dec. 26.
While the general and governmental claims filing deadlines have passed, Dowling said it has not yet had a chance to fully review and analyze the filed claims.
The college said the exclusivity extension will allow it to analyze the claims and work toward facilitating a consensual plan and confirmation process.
Dowling said it needs “additional time to discuss, formulate and negotiate related plan terms.”
Dowling is based in Oakdale, N.Y. The college filed for bankruptcy on Nov. 29, 2016 under Chapter 11 case number 16-75545.
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