Ultimate Escapes granted court OK of bid procedures for proposed $74.7 million asset sale

By Jennifer Lanning Drey

Savannah, Ga., Oct. 8 - Ultimate Escapes Holdings, LLC received court approval of the bid procedures for the sale of its assets to stalking horse bidder CapitalSource Finance LLC for $74.7 million or to the highest bidder, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

The deadline for competing bids is Oct. 15 at noon ET.

An auction, if necessary, will be held on Oct. 18.

The sale hearing will be held on Oct. 20.

Ultimate Escapes, a Kissimmee, Fla.-based destination club operator, filed for bankruptcy on Sept. 20. The Chapter 11 case number is 10-12915.

© 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.