Grubb & Ellis Sale Back On Track After Bidding Snag

Law360, New York (March 7, 2012, 1:18 PM EST) -- Commercial real estate services provider Grubb & Ellis Co.'s proposed sale to stalking-horse bidder BGC Partners Inc. appeared tentatively back on Wednesday after a New York bankruptcy judge agreed to sign off on heavily negotiated bidding procedures.

Wednesday morning's approval followed contentious hearings stretching into late Monday and continuing Tuesday, including a failed hour-and-a-half time-out by the would-be sale parties and the official committee of unsecured creditors to come to an agreement.

But in the end, U.S. Bankruptcy Judge Martin Glenn approved the revised bidding and...
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