Great Atlantic & Pacific Tea auction of 25 SuperFresh stores OK'd

By Lisa Kerner

Charlotte, N.C., May 2 - The Great Atlantic & Pacific Tea Co. Inc.'s bid procedures for the sale of certain Southern store assets were approved, according to a Monday filing with the U.S. Bankruptcy Court of the Southern District of New York.

As previously reported, the debtors plan to exit their operations in the mid-Atlantic market and are marketing the assets associated with 25 stores operating under the SuperFresh banner located in the Baltimore-Washington D.C. area with the assistance of Hilco Real Estate, LLC.

Currently the debtors have entered into confidentiality agreements with 15 potential purchasers and granted them access to a data room to perform diligence on the assets.

A stalking horse bidder has yet to be identified.

Bids will be due May 13 and must include a deposit equal to 10% of the bid.

An auction, if necessary, will be held on May 17 with a sale hearing to be held on June 14.

Great Atlantic & Pacific Tea, a Montvale, N.J.-based supermarket chain, filed for bankruptcy on Dec. 12. Its Chapter 11 case number is 10-24549.

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