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Grubb & Ellis gets court OK to sell assets to BGC for $30.03 million
By Caroline Salls
Pittsburgh, March 27 - Grubb & Ellis Co. received court approval to sell substantially all of its assets to lender and stalking horse bidder BGC Partners, Inc., according to a March 27 filing with the U.S. Bankruptcy Court for the Southern District of New York.
As previously reported, 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 an opinion filed on March 27 by Judge Martin Glenn, more than 700 cure objections were filed in response to the cure notices for unexpired leases and executory contracts that BGC Partners may seek to assume.
The cure objections were adjourned until BGC identifies the contracts it elects to assume.
The opinion said 22 other objects were filed in connection with the sale motion. Glenn said all but seven of those were resolved before the sale hearing or deferred to a later time, and one was resolved during the hearing. The judge overruled all remaining objections.
Also on March 27, the sale order was appealed by Vincent Carrega, Neil Helman, Jon Epstein, Charles Kingsley, Yoav Oelsner, Jason Meister, Michael Gottlieb, Howard Grufferman and Martin Cottingham, according to court documents.
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.
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