Optima Specialty debtor agrees to $1.75 million Buffalo property sale

By Caroline Salls

Pittsburgh, April 5 – Optima Specialty Steel, Inc. requested court approval of the $1.75 million sale of property in Buffalo owed by debtor Niagara LaSalle Corp., according to a motion filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

In addition, Optima is seeking approval to enter into a partial building lease with purchaser 222 Chicago Street, Inc.

According to the motion, the Optima debtors do not use the property in the operation of their business except to store valuable spare parts and provide office space for seven employees.

Otherwise, the company said the property has lain dormant for almost two years and currently costs the debtors roughly $115,000 in annual carrying costs.

Optima said it does not expect the sale of the property, coupled with the lease, to have any effect on its business.

Optima is a Miami-based specialty steel manufacturer. The company filed bankruptcy on Dec. 15 under Chapter 11 case number 16-12789.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.