Golfsmith procedures OK’d for $22.15 million sale of Austin campus

By Caroline Salls

Pittsburgh, Dec. 13 – Golfsmith International Holdings, Inc. obtained court approval of the bid procedures for the proposed $22.15 million sale of its 40-acre campus in Austin, Texas, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

B.H. Management, Inc. is the stalking horse bidder.

If B.H. Management is not ultimately the high bidder for the property, Golfsmith will pay it a $300,000 break-up fee.

Competing bids are due by 5 p.m. ET on Jan. 6.

The auction will be held on Jan. 12, if necessary, and the sale hearing is scheduled for Jan. 17.

Golfsmith said it hopes to close the sale on Jan. 19.

Golfsmith, an Austin, Texas-based golf specialty retailer, filed bankruptcy on Sept. 15. Its Chapter 11 case number is 16-12033.

© 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.