I.B.C. receives court approval to sell two properties
July 23, 2007
by FoodBusinessNews.net Staff
KANSAS CITY — Judge Jerry W. Venters of the U.S. Bankruptcy Court in Kansas City has approved the sale by Interstate Bakeries Corp. of two properties in Charlotte, N.C., and Worcester, Mass. Both of the properties went through Chapter 11 auctions earlier this month.
According to court papers, Six Academy L.L.C. will buy the Worcester property — a 46,800-square-foot building on 1.55 acres — for $850,000. I.B.C. did not receive any other bids for the property, which it initially purchased with plans to open as a thrift stores, but never did.
DS Carolina L.L.C. beat out a stalking-horse bidder, the Matlock Family Trust, to purchase an 189,780-square-foot property in Charlotte for $2.1 million.
Companies operating under bankruptcy protection must sell assets through an auction to ensure creditors receive the highest payoff for their debt.
In March, I.B.C. won bankruptcy court approval to sell its shuttered bakery in Lakewood, Wash., and a never opened thrift store location in Sacramento, Calif.