Grubb & Ellis to distribute net proceeds under joint liquidating plan

By Caroline Salls

Pittsburgh, Nov. 15 - Grubb & Ellis Co. filed its joint liquidating plan and related disclosure statement Wednesday with the U.S. Bankruptcy Court for the Southern District of New York.

According to the disclosure statement, the primary objective of the plan is to provide a mechanism for completing the liquidation of the Grubb & Ellis debtors' remaining assets, reconciling and fixing claims and distributing the net liquidation proceeds.

As previously reported, the company received court approval in March 2012 to sell substantially all of its assets to lender BGC Partners, Inc. for $30.03 million.

Under the plan, administrative claims, priority tax claims, priority non-tax claims and secured claims will be paid in full in cash.

Holders of general unsecured claims will receive a share of proceeds remaining after administrative, priority and secured claims have been paid in full.

Holders of equity interests will receive no distribution.

Grubb & Ellis is a Santa Ana, Calif.-based real estate services and investment firm. The company filed for bankruptcy on Feb. 20, 2012 under Chapter 11 case number 12-10685.

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