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225 Bowery secures approval of bid procedures for hotel
By Sarah Lizee
Olympia, Wash., Aug. 28 – 225 Bowery LLC received approval of bid procedures for its hotel in Manhattan, according to an order filed Monday with the U.S. Bankruptcy Court for the District of Delaware.
The bid procedures allow the debtor to choose a stalking horse bidder by 4 p.m. ET on Oct. 5.
The company is proposing to offer a 3% breakup fee and an expense reimbursement of up to $50,000.
Under the bid procedures, the bid deadline is 10 a.m. ET on Nov. 7, and an auction is scheduled for Nov. 14.
The New York-based hotel property owner filed Chapter 11 bankruptcy on Jan. 24, 2023 under case number 23-10094.
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