Daily News: March 9, 2012

Court Approves Grubb & Ellis Bankruptcy Plan

U.S. Bankruptcy Judge Martin Glenn of the U.S. Bankruptcy Court in the Southern District of New York has granted approval of Grubb & Ellis Co.’s bankruptcy plan. The plan was approved after $15 million more was added to the bid in a purchase agreement amendment that addressed some creditor objections, a Wall Street Journal story said.

The plan will allow the sale of the Grubb & Ellis’ assets to BGC Partners in exchange for the $30 million that is owed to the company. BGC Partners is also providing the company with debtor-in-possession financing.

The auction for the company’s assets will be held on March 21, with BGC Partners as the lead bidder. The court has slated a hearing for March 22 to approve the sale of Grubb & Ellis’ assets.

To read the Wall Street Journal article in its entirety, click here. (subscription required).

Previously on abfjournal.com:

Grubb & Ellis Enters Into Strategic Transaction With BGC Partners, Tuesday, February 21, 2012