Rochester Drug seeks approval of $3.28 million distribution facility sale

By Caroline Salls

Pittsburgh, July 16 – Rochester Drug Cooperative, Inc. requested court approval of the bid procedures for the proposed $3.28 million sale of its Rochester, N.Y., distribution facility, according to a motion filed Wednesday with the U.S. Bankruptcy Court for the Western District of New York.

Maguire Family Properties Inc. is the stalking horse bidder. If the court approves an alternate transaction, Rochester Drug will pay Maguire a $65,670 breakup fee.

Competing bids are due by 4 p.m. ET on Aug. 28.

The initial overbid amount will be $50,000.

An auction will be held on Sept. 2, if necessary. Bids at auction must be made in minimum increments of $50,000.

A hearing on approval of the bid procedures is scheduled for Aug. 14, and the sale hearing will be held on Sept. 11. The company is a Rochester, N.Y.-based health care distributor. It filed bankruptcy on March 12 under Chapter 11 case number 20-20230.

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