MSR Resort cancels Dec. 6 auction, names stalking horse high bidder

By Caroline Salls

Pittsburgh, Dec. 5 - MSR Resort Golf Course, LLC cancelled its Dec. 6 auction and said the $1.5 billion stalking horse bid received from 450 Lex Private Ltd. and C Hotel Mezz Private Ltd. was the high bid for its assets, according to a Wednesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The company said it received no competing qualified bids by the deadline of noon ET on Dec. 3.

In a bench ruling filed Wednesday, the court declined to rule that the stalking horse bidder was not a good faith purchaser of MSR Resort's assets, giving Lex and C Hotel Mezz time to address specified disclosure issues related to a potential bidder before the auction.

The court said in the bench ruling that the stalking horse bidder needed to take additional steps if it wanted to seek a ruling that it is a good faith purchaser, "if and when it finds itself to be the successful bidder."

MSR Resort owns and operates five resorts. The New York-based company filed for bankruptcy on Feb. 1, 2011 under Chapter 11 case number 11-10372.

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