Art Van Furniture credit card litigation rights bid procedures OK’d

By Sarah Lizee

Olympia, Wash., Oct. 26 – Art Van Furniture, LLC Chapter 7 trustee Alfred T. Giuliano received court approval of a stalking horse agreement and bidding procedures for rights in Visa/Mastercard class action interchange litigation, according to an order filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

The trustee also received approval to award any stalking horse purchaser with bidding protections, including in the form of a breakup fee and/or expense reimbursement, which will not exceed 3% of the purchase price.

Competing bids will be due by noon ET on Dec. 4.

The minimum overbid must equal or exceed the initial bid, plus $50,000.

An auction may be held on Dec. 10.

A sale hearing will take place on Dec. 18.

Art Van is a Warren, Mich.-based operator and franchisor of furniture stores. The company filed bankruptcy on March 8, 2020 under Chapter 11 case number 20-10553.

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