Kirk asks court to OK bid procedures for $2.6 million property sale

By Lisa Kerner

Charlotte, N.C., Dec. 22 - Kirk Corp. requested court approval of the bidding procedures related to the proposed $2.6 million sale of its 180-acre property in Kane Co., Ill., according to a Tuesday filing with the U.S. Bankruptcy Court for the Northern District of Illinois.

A hearing is scheduled for Jan. 14.

The stalking horse bidder is Component Management Group, LLC.

Kirk will pay Component a 2.5% breakup fee if it selects another bidder.

The deadline for qualified bids is Feb. 26, and the auction will be held on March 2.

Competing bids must be for at least $2.6 million plus $130,000.

At auction, bids must be made in increments of at least $50,000 more than the previous bid.

A sale hearing is scheduled for March 4.

Kirk, an employee-owned homebuilder based in Streamwood, Ill., filed for bankruptcy on May 12, 2009. Its Chapter 11 case number is 09-17236.

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