US Trustee Balks At Fresh & Easy $42M Property Sale Plan
By Matt Chiappardi
Law360, Wilmington (November 21, 2013, 7:48 PM EST) -- The U.S. Trustee's Office took issue Thursday with high-end grocery chain Fresh & Easy Neighborhood Market Inc.'s plan to unload 53 properties to a Fortress Investment Group LLC unit in a $41.5 million stalking horse sale, arguing the timeline is much too short to hold a robust auction process.
The bankruptcy watchdog contends that the 10 business days until the proposed bid deadline of Dec. 10 doesn't give prospective buyers enough time to do due diligence investigations of the dozens of properties up for sale, which...