Bankrupt Newbury Gets Nod On Piecemeal Property Auction

Law360, Wilmington (April 29, 2016, 7:28 PM EDT) -- Despite criticism from creditors, a Delaware bankruptcy judge approved a flexible, mix-and-match auction plan Friday that will put eight Stamford, Connecticut, properties on the block in an effort to settle Newbury Common Associates LLC’s troubled, stitched-together Chapter 11.

Newbury restructuring officer Marc Beilinson said the proposed June auction could lead to a sale of all properties — each with its own debtor and creditors — to a single “bulk buyer" on a hoped-for bid of $150 million or more. But potential buyers will have opportunities to bid on individual sites or groups of sites as well.

The plan could provide an...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!