Crescent Jewelers granted court OK for bid procedures for sale of substantially all assets

By Jennifer Lanning Drey

Portland, Ore., Feb. 22 - Crescent Jewelers and parent company Friedman's Inc. obtained court approval for the bidding procedures for the proposed sale of substantially all of their assets, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

Under the approved procedures, all bids must include a deposit of the greater of $5 million or 10% of the proposed purchase price.

Bids are due by March 3.

At auction, the first overbid must be for at least $500,000 more than the starting bid, plus an amount equal to an expense reimbursement fee to be paid to the stalking horse bidder if it is not the high bidder.

If necessary the auction will be held March 6, and the sale hearing is scheduled for March 7.

Crescent Jewelers is an Addison, Texas, retailer. Its Chapter 11 case number is 08-10161.

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