Court approves Market Street sale - The Deal Pipeline (SAMPLE CONTENT: NEED AN ID?)
Subscriber Content Preview | Request a free trialSearch  
  Go

Restructuring

Print  |  Share  |  Reprint

Court approves Market Street sale

by Aviva Gat  |  Published January 3, 2012 at 12:53 PM

A Louisiana judge has authorized power plant operator Market Street Properties LLC to sell two properties to Boxer Finance LLC for a $2 million reduction of the buyer's claim.

Judge Elizabeth W. Magner of the U.S. Bankruptcy Court for the Eastern District of Louisiana in New Orleans approved the sale on Dec. 27, court minutes show. No order, however, had been signed as of the morning of Tuesday, Jan. 3.

Boxer will acquire Market Street's so-called Tchoupitoulas Properties for a $2 million credit bid. According to the Dec. 6 sale motion, the properties include two parcels adjacent to the debtor's primary asset, a 500,000-square-foot power plant.

The Tchoupitoulas properties are encumbered by a $5 million first-lien mortgage in favor of Boxer under a Jan. 16, 2007, agreement. Market Street said in documents that there is no equity in the property. The sale is the outcome of a settlement between the debtor and Boxer filed on Sept. 27.

Market Street filed for Chapter 11 on Dec. 23, 2009.

Share:
Tags: Boxer Finance LLC | M&A | Market Street Properties LLC | U.S. Bankruptcy Court

Meet the journalists

Aviva Gat

Senior Reporter: Bankruptcy



Movers & Shakers

Launch Movers and shakers slideshow

Investment bank D.A Davidson & Co. tapped Craig Korte as a managing director in Chicago to work with middle market industrial companies. For other updates launch today's Movers & shakers slideshow.

Video

M&A Perspectives: Ray Newman

Amanda Levin speaks with Ray Newman of Duff & Phelps. More video

Sectors