RentPath cancels auction, names CoStar Group affiliate winning bidder

By Caroline Salls

Pittsburgh, March 27 – RentPath Holdings, Inc. cancelled the March 31 auction for the proposed sale of its assets and will ask the U.S. Bankruptcy Court for the District of Delaware to approve a $587.5 million sale to CoStar Group, Inc. affiliate CSGP Holdings, LLC, according to a notice filed Thursday.

As previously reported, CSGP was the stalking horse bidder for the RentPath assets.

As previously reported, RentPath said the first-lien lenders supporting its restructuring provided the company with a clear path to emergence while pursuing CoStar’s bid or any other higher or otherwise better offers by agreeing to backstop the sale process with a binding credit bid of $492.7 million of their first-lien claims.

The company said no bids other than the CSGP bid and the credit bid were received ahead of the March 25 bid deadline. As a result, the auction was cancelled. CSGP was deemed the winning bidder, and the first-lien lenders will serve as the back-up bidder.

The sale hearing will be held in conjunction with a Chapter 11 plan confirmation hearing on June 9.

RentPath is an Atlanta-based vertical search company for apartment and home renters. The company filed bankruptcy on Feb. 12 under Chapter 11 case number 20-10312.

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