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...

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