WL Homes sets bid procedures for $7 million asset sale

By Jennifer Lanning Drey

Portland, Ore., May 13 - WL Homes, LLC requested court approval of the bidding procedures related to the $7 million sale of its assets including property, accounts receivable, trade names, intellectual property and claims against the stalking horse bidder, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The stalking horse bidder is Emaar America Corp, which owns WL Investors LLC, the owner of WL Homes.

WL Homes said it intends to continue to market the assets and hold an auction June 18, if necessary.

Competing bids are due by 9 a.m. ET on June 15 and must be for at least $450,000 more than the overall value of the Emaar transaction.

Subsequent bids at auction must be made in increments of $250,000.

Emaar will be entitled to credit bid at auction.

If Emaar is not the high bidder at auction, WL Homes will reimburse up to $200,000 of its expenses.

Under the agreement, the sale must close by June 29.

WL Homes, an Irvine, Calif.-based homebuilder, filed for bankruptcy on Feb. 19. Its Chapter 11 case number is 09-10571.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.