EZ Lube stalking horse bid withdrawn, auction postponed

By Caroline Salls

Pittsburgh, March 30 - EZ Lube, LLC said the stalking horse bid for substantially all of its assets has been withdrawn, and the March 31 auction has been postponed indefinitely, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, EZ Lube Acquisition Co. LLC, an affiliate of the company's second-lien lender, was the stalking horse bidder for the proposed asset sale.

EZ Lube Acquisition's bid included the amount required to repay EZ Lube's debtor-in-possession facility, either in cash or through assumption of the DIP obligations, plus $1.5 million in cash, plus the difference of the amount provided for professional fee claims less the amount of professional fee claims paid at closing, plus a $2 million credit bid amount.

EZ Lube, a Santa Ana, Calif.-based quick lube operator, filed for bankruptcy on Dec. 9. Its Chapter 11 case number is 08-13256.

© 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.