Kobra Properties (“Kobra”), a California General Partnership et al., Bankruptcy Case Number 08-37271-C-11, is negotiating an asset purchase agreement and has filed a motion for order approving sale of certain assets free and clear of liens, claims and encumbrances and authorizing assumption and assignment of executory contracts in the United States Bankruptcy Court for the Eastern District of California, Sacramento Division. The Chapter 11 Trustee (“Trustee”) seeks orders approving sale procedures with respect to the sale of real property in two distinct lots, identified as “Subject Properties” or “Additional Properties”, pursuant to Section 363 of the bankruptcy code. The Trustee proposes to enter the Sale Agreements on the Subject Properties as seller on behalf of the Kobra Properties estate with the “Stalking Horse Buyer” under each agreement, subject to the overbid and sales procedures which have been filed with the Bankruptcy Court (“Court”). The Stalking Horse bid currently includes eight (8) properties with bids totaling $9,942,057 subject to a minimum overbid greater of $10,000 or 2.25% per property. In order to include The Additional Properties, the Trustee asks the Court to approve suggested minimum bid amounts, approve form of the purchase and sale agreement, approve procedures for the auction, and approve minimum initial overbid amounts. The suggested combined minimum bids on the twenty-three (23) Additional Properties totals $34,412,000 and may be subject to the addition of other properties. The Trustee’s ability and intent to sell the Additional Properties is subject to successful negotiation with the secured lenders to convey these assets. The Trustee requests the Court to approve the following timeline:
October 27, 2009 – deadline to sign Purchase and Sale Agreement;
November 3, 2009 – deadline for objections to Bidding Procedures and Sale Motion;
November 6, 2009 – last day for waiver of all due diligence conditions in the purchase and sale agreements with stalking horse bidders;
November 17, 2009 – hearing on Bidding Procedures and Sale Motion;
December 3, 2009 – deadline for submittal of bids to be considered as Qualified Bids;
December 8, 2009 – Sale Auction;
December 21, 2009 – Sale Agreement Closing Date.
Interested parties may request additional information and documentation concerning the assets and the sale by contacting:
Mark F. Thomann and/or Steven L. Victor
Development Specialists, Inc., Suite 2300, 70 West Madison St., Chicago, IL 60602. Office: 312-263-4141 or 916-746-0564
Development Specialists, Inc.
Mark F. Thomann and/or Steven L. Victor
Office: 312-263-4141 or 916-746-0564
