Levitz requests approval of bidding procedures for assets sale

By Caroline Salls

Pittsburgh, Nov. 14 - Levitz Home Furnishings, Inc. requested approval of the bidding procedures for the proposed sale of its assets, according to a Friday filing with the U.S. Bankruptcy Court for the Southern District of New York.

No stalking horse bidder has been named.

The assets to be sold include Levitz's retail locations, leasehold interests or designation rights for particular leases; interests in accounts receivables, intellectual property and other intangibles; goods and merchandise or agency rights to dispose of the merchandise and the right to augment the company's inventory.

Bidding will start at the purchase price to be negotiated between the company, the official committee of unsecured creditors and an ad hoc committee of secured noteholders and will continue in increments of $100,000.

A 10% deposit will be required of all bidders.

An auction is scheduled for Nov. 30 with a sale hearing scheduled for Dec. 6.

A hearing on the bidding procedures is scheduled for Nov. 22.

Levitz, a Woodbury, N.Y., furniture retailer, filed for bankruptcy on Oct. 11. Its Chapter 11 case number is 05-45189.

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