Grubb & Ellis' disclosure statement approved, plan hearing March 6

By Lisa Kerner

Charlotte, N.C., Jan. 10 - Grubb & Ellis Co.'s disclosure statement was approved by the U.S. Bankruptcy Court for the Southern District of New York on Wednesday, according to an attorney familiar with the case.

A hearing on the joint liquidation plan will be held on March 6 at 3 p.m. ET.

The company filed its joint liquidating plan and related disclosure statement on Nov. 14.

As previously reported, 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.

Grubb & Ellis 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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