GVS Texas gets $450 million stalking horse bid, new bid procedures

By Sarah Lizee

Olympia, Wash., Jan. 19 – GVS Texas Holdings I, LLC has received a $450 million stalking horse bid from BRE WWG Storage Partners JV III, LLC for substantially all of its assets, according to court documents filed Tuesday with the U.S. Bankruptcy Court for the Northern District of Texas.

The bid is subject to higher and better offers. GVS is now seeking approval of renewed bid procedures for the assets.

Under the renewed bid procedures, an auction would be held on Feb. 21 and a sale hearing would take place on March 15.

Bid protections under the stalking horse deal include a 1.5% breakup fee and a $1.5 million expense reimbursement. The bid protections will constitute administrative expense claims.

Overbids must be equal to or higher than the base amount of the stalking horse bid, plus the breakup fee and expense reimbursement, plus 1% of the base amount of the stalking horse bid.

The company is hoping to close the sale by May 15.

GVS Texas is an indirect subsidiary of GVS Portfolio I B, LLC, which does business as Great Value Storage, an Austin, Tex.-based storage chain. GVS Texas Holdings I filed bankruptcy on June 17, 2021 under Chapter 11 case number 21-31121.

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