Le Centre on Fourth hopes to get at least $77.5 million for assets

By Caroline Salls

Pittsburgh, Sept. 4 – Le Centre on Fourth LLC said in a bid procedures motion filed on Friday with the U.S. Bankruptcy Court for the Southern District of Florida that it would like to get at least $77.5 million for its assets.

The desired bid amount would be comprised of either $77.5 million in cash, or, if Stonehenge Community Development consents to the bidder’s assumption and reinstatement of the Stonehenge debt, $33.5 million in the form of cash, plus the assumption and reinstatement of the Stonehenge debt.

When the company filed for bankruptcy in November 2017, it said it was hoping to receive at least $72 million for its assets.

According to Friday’s motion, Le Centre on Fourth is asking the court to approve a Nov. 9 bid deadline, a Nov. 14 auction date and a $250,000 minimum overbid amount.

Under the proposed sale terms, the sale must close no later than Dec. 21.

As previously reported, Le Centre on Fourth’s plan of reorganization, which was filed on July 25, is based on a sale of the company’s property.

If a stalking horse bidder is selected, the company said it would pay that bidder a 1% break-up fee and reimburse up to $150,000 of its sale-related expenses if it is not ultimately the high bidder.

Plantation, Fla.-based Le Centre on Fourth is the holding company for the Embassy Suites hotel in Louisville, Ky. The company filed for bankruptcy on Nov. 10, 2017 under Chapter 11 case number 17-23632.

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