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Former Ritz Camera granted approval to sell property for $1.31 million
By Lisa Kerner
Charlotte, N.C., Nov. 23 - RCC Liquidating Corp., formerly Ritz Camera Centers, Inc., was granted court approval to sell its Ann Arbor, Mich., property to KTA Properties, LLC for $1.31 million, according to a Monday filing with the U.S. Bankruptcy Court for the District of Delaware.
Bids on the property were due by Nov. 16, and an auction was conducted on Nov. 17.
Stalking horse bidder FKH Associates LLC made the second-highest bid of $1.28 million.
According to the filing, the court approved a $16,575 break-up fee payable by RCC to FKH if it selects another buyer.
Ritz, a Beltsville, Md.-based specialty camera and image chain, filed for bankruptcy on Feb. 22, 2009. Its Chapter 11 case number is 09-10617.
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