Circuit City looks to sell Learjet for $3.8 million

By Caroline Salls

Pittsburgh, Feb. 4 - Circuit City Stores, Inc. requested court approval of the proposed $3.8 million sale of its Learjet aircraft, according to a Tuesday filing with the U.S. Bankruptcy Court for the Eastern District of Virginia.

Avest LLC is the stalking horse bidder. Avest will make a $150,000 deposit toward the purchase price.

Competing bids are due by 4 p.m. ET on Feb. 11. If any competing bids are received, an auction will be held on Feb. 12.

No termination fee will be paid if Avest is not the high bidder.

The Richmond, Va., electronics retailer filed for bankruptcy on Nov. 10. Its Chapter 11 case number is 08-35653.

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