Seaboard Realty seeks bids for sale of eight commercial properties

By Caroline Salls

Pittsburgh, April 7 – Seaboard Realty LLC requested court approval of bid procedures for the sale of eight commercial properties located in and around Stamford, Conn., according to a news release.

Seaboard said the properties to be sold include office, apartment and hotel properties.

“We are pleased with the progress made to stabilize the Seaboard properties in advance of the sale process,” chief restructuring officer Marc Beilinson said in the release.

“These properties are located in highly desirable locations and have already received substantial interest from buyers.”

If the bid procedures are approved at an April 29 hearing, buyers will need to submit qualified bids by June 15. The sales are expected to close by July 29.

“The sale process will be flexible,” Beilinson said in the release. “We will seek bids on individual assets and any combination of assets that bidders may desire as we work to maximize values for the benefit of all of the constituents.”

Keen-Summit Capital Partners LLC has been retained, pending court approval, to coordinate the sale process for Seaboard Realty.

Seaboard owns office, hotel and residential properties throughout Stamford, Conn. The company filed for bankruptcy on Dec. 14 in the U.S. Bankruptcy Court for the District of Delaware under Chapter 11 case number 15-12507.

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