Centaur's bid procedures OK'd; disclosure statement hearing continued

By Lisa Kerner

Charlotte, N.C., July 28 - Centaur, LLC's bid procedures for the sale of substantially all the assets of Centaur Colorado, LLC to Luna Gaming Central City LLC for $7.5 million or to the highest bidder were approved on Wednesday by the U.S. Bankruptcy Court of the District of Delaware, according to an attorney close to the case.

The assets include the Fortune Valley Hotel & Casino located 40 miles west of Denver.

Interest in the property has been "robust" and the Luna affiliate bid is "solid," said the attorney.

Also on Wednesday, it was agreed to continue matters relating to disclosure documents until Aug. 25, the attorney said.

As previously reported, the bid procedures include payment of a $400,000 break-up fee to Luna under certain circumstances.

An initial overbid must be $650,000 more than the purchase price. Subsequent bids must be in increments of $250,000.

An auction, if necessary, will be held on Aug. 23, and a sale hearing will be held on Aug. 25.

Centaur, an Indiana-based gaming and horseracing company, filed for bankruptcy on March 6. The Chapter 11 case number is 10-10799.

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