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Specializing in insolvency and complex commercial matters since 1974

Court Enters Orders Confirming Plans Of Reorganization In Three Retail Shopping Center Cases - May 2011

In three related cases filed on August 2, 2010, the Bankruptcy Court entered orders resolving disputes between the debtors, a lender, and third-party guarantors. In the cases, involving Publix-anchored shopping centers, the Court confirmed plans that provided for an auction of the centers, with an up front carve-out for unsecured creditors and equity holders and a sharing of proceeds in excess of agreed amounts. The lender agreed to submit a stalking horse credit bid for a portion of its debt and to refrain from further bidding; the guarantors were released. Edward Peterson, Harley Riedel, and Michael Bachman represented the Debtors in these cases. The Court-approved auction involved spirited bidding and resulted in a sale well in excess of the stalking horse bid for each center.