WC Braker sets property bid procedures; ATX Braker is stalking horse

Chicago, Dec. 29 – WC Braker Portfolio, LLC, borrowing entity of World Class Property Co., has been granted approval regarding bid procedures for the sale of its property, according to a signed order from the U.S. Bankruptcy Court for the Western District of Texas.

ATX Braker SR, LLC is the stalking horse bidder for the property.

The stalking horse bid is $75,461,481 structured as a credit bid of the mortgage loan.

ATX will be due a $125,000 expense reimbursement if outbid.

Bids are due by Feb. 7 with an auction scheduled for Feb. 14.

A sale hearing is set for Feb. 23 for a closing date of Feb. 28.

The trustee is authorized to conduct the bidding process.

The portfolio, known as the Braker portfolio, includes 10 office buildings in Austin, Tex.

There is additionally a retail building, the Lonestar Center, also in Austin.

Minimum overbids should be at least the credit bid plus the expense reimbursement and another $250,000.

WC Braker filed bankruptcy on May 2.

The company filed for bankruptcy with an estimated $100 million to $500 million of assets and $50 million to $100 million of liabilities. The Chapter 11 case number is 22-10293.

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