Daily News: March 22, 2012

Grubb & Ellis Halts Auction After No One Challenges BGC Partners

The Wall Street Journal has reported that Grubb & Ellis cancelled its asset auction after no other bidders challenged the bid placed by BGC Partners before the deadline.

BGC Partners’ bid of $30 million covers the money that is owed to BGC by Grubb & Ellis. The bid covers the cost of the assets as well as bankruptcy financing.

The U.S. Bankruptcy Court for the Southern District of New York is said to meet on Thursday, March 22 to approve the sale.

To read the Wall Street Journal article in its entirety, click here.

Previously on abfjournal.com:

Court Approves Grubb & Ellis Bankruptcy Plan, Friday, March 09, 2012

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