NEW YORK CITY-Santa Ana, CA-based brokerage firm Grubb & Ellis is expected to sell substantially all its assets to BGC Partners Inc. at a sale hearing in US Bankruptcy Court of the Southern District of New York this afternoon at 3 p.m.
The action comes after the firm canceled a bankruptcy auction and approved bidding procedures and a $30 million stalking horse contract from BGC, court documents show.
“Given their financial condition, financing arrangements, and capital structure, the debtors are unable to obtain financing from sources other than the debtor-in-possession lender on terms more favorable than the DIP facility,” according to a court order filed on March 22.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
