Grubb & Ellis' Liquidation Plan Gets Green Light

By Maria Chutchian (March 6, 2013, 6:25 PM EST) -- A New York bankruptcy judge on Wednesday signed off on commercial real estate services provider Grubb & Ellis Co.'s Chapter 11 liquidation plan almost a year after global brokerage BGC Partners Inc. closed its acquisition of most of Grubb & Ellis' assets.

U.S. Bankruptcy Judge Martin Glenn approved the plan at a quick, uncontested confirmation hearing Wednesday. Grubb & Ellis filed for bankruptcy in February 2012 as a result of operating losses and negative earnings over the past several years.

The company entered Chapter 11 with a plan to sell its assets to BGC, but hit a bump in the road...

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