Haggen Holdings seeks court approval to sell assets for $8.91 million

By Mark Reccek

Bethlehem, Pa., Sept. 17 – Haggen Holdings LLC requested court approval of a purchase agreement to sell certain company assets for $8.91 million, according to a motion filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

According to the purchase agreement, Albertson’s LLC and Safeway, Inc. agree to purchase company pharmacies, the prescription drug inventory and records.

The agreement further indicates the buyers will purchase the inventory for a maximum of $3,574,500, which will be capped on a per pharmacy basis as set forth in the purchase agreement and an aggregate inventory cap of $3.25 million for all pharmacies.

“The purchase price represents a fair offer for the assets and will infuse value into the debtors’ estates, to the benefit of the debtors’ creditors,” the motion said. “Additionally, the debtors believe that the terms set forth in the purchase agreement are fair and equitable and present a valuable opportunity to enhance the recovery to the debtors’ estates through the sale of assets that, absent an accelerated process, would otherwise diminish in value and ultimately be lost.’

A hearing on the matter is scheduled for Sept. 24.

Haggen, a Bellingham, Wash.-based supermarket company, filed bankruptcy on Sept. 8. The Chapter 11 case number is 15-11874.

© 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.