KB US asset sale procedures approved; auction scheduled for Oct. 13

By Caroline Salls

Pittsburgh, Sept. 18 – KB US Holdings, Inc. obtained court approval of the bid procedures for the sale of its assets, according to an order filed Thursday with the U.S. Bankruptcy Court for the Southern District of New York.

As previously reported, the company entered into a stalking horse bid agreement under which TLI Bedrock LLC would purchase KB US for $75 million.

Under the bidding procedures, interested parties will have the opportunity to bid for any of the KB debtors’ stores, either individually or on a package basis. Competing bids are due by noon ET on Oct. 9.

The minimum initial overbid amount is $500,000.

An auction will be held on Oct. 13, if necessary. Bids at auction must be made in minimum increments of $500,000.

If no auction is held, the sale hearing will be held on Oct. 13. If an auction is held, the sale hearing will be Oct. 15.

KB is a Parsippany, N.J.-based operator of retail food stores. The company filed bankruptcy on Aug. 23 under Chapter 11 case number 20-22962.

© 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.