E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Published on 6/5/2023 in the Prospect News Distressed Debt Daily.

Diocese of Norwich: Mohegan Tribe winning bidder for school property

By Sarah Lizee

Olympia, Wash., June 5 – Norwich Roman Catholic Diocesan Corp., known as the Roman Catholic Diocese of Norwich, named MTIC Acquisitions, LLC the winning bidder for its 113 acres in Montville, Conn., according to a notice filed with the U.S. Bankruptcy Court for the District of Connecticut.

MTIC Acquisitions is an entity of the Mohegan Tribe, which said the land is historically part of Mohegan aboriginal land and abuts Mohegan trust lands.

Its bid includes a long-term lease to Saint Bernard School at a cost of one dollar per year, ensuring that student education can continue uninterrupted, according to a press release.

Additionally, the Mohegan Tribe will not develop the surrounding land for commercial or gaming purposes, instead focusing on reacquiring the land as a site of cultural significance for current and future generations.

VanderVelde/Buscetto was listed as the second highest bidder.

A sale hearing is set for June 7.

The Norwich, Conn.-based diocese filed bankruptcy on July 15, 2021 under Chapter 11 case number 21-20687.


© 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.