Law360, New York (September 02, 2011, 7:39 PM ET) -- Sbarro Inc.'s proposed Chapter 11 asset sale met opposition Friday from the bankrupt pizza chain's unsecured creditors committee and indenture trustee Bank of New York Mellon Corp., who say the bidding procedures are too inflexible.
BNY Mellon and the creditors committee said Sbarro's proposal discourages competitive bidding because it only allows bids on the entire business, rather than parts of the company or specific “buckets” of assets, such as Sbarro's intellectual property or lease portfolio.
The creditors committee says it does not believe the proposed procedures...
Creditors, BNY Mellon Object To Sbarro Asset Sale
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