Grubb & Ellis cancels auction for proposed $30.03 million asset sale

By Caroline Salls

Pittsburgh, March 21 - Grubb & Ellis Co. cancelled the auction for substantially all of its assets, according to a Tuesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

As previously reported, lender BGC Partners, Inc. is the stalking horse bidder. BGC agreed to pay $30.03 million for the assets, consisting of a credit bid of the principal amount outstanding on a pre-bankruptcy credit agreement.

BGC is also Grubb & Ellis' debtor-in-possession financing lender.

The company previously said that the purchase price under the BGC bid will be increased by the principal amount of advances made under the DIP financing and any cure amounts paid by the buyer.

According to Tuesday's filing, no higher or better bids were received by the March 20 bid deadline.

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

© 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.