George Washington Bridge Bus Station Development bid procedures OK’d

By Caroline Salls

Pittsburgh, Dec. 4 – George Washington Bridge Bus Station Development Venture LLC received court approval of the bid procedures for the sale of its assets, according to an order filed Wednesday with the U.S. Bankruptcy Court for the Southern District of New York.

The procedures allow the company to select a stalking horse bidder and to agree to pay that bidder protections equal to no more than 3% of the purchase price if it is not ultimately the high bidder.

Under the approved procedures, bids are due by 4 p.m. ET on Feb. 28.

An auction will be held on March 3, if necessary. The minimum overbid amount will be $1 million.

The sale hearing is scheduled for March 11.

George Washington Bridge Bus Station Development Venture is a Reston, Va.-based development company. The company filed bankruptcy on Oct. 7 under Chapter 11 case number 19-13196.

© 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.