STAMFORD, Conn., April 7, 2016 /PRNewswire/ -- Seaboard Realty LLC announced today that it and its affiliates have filed a motion seeking bankruptcy court approval of bid procedures for the sale of eight commercial properties.
The properties to be sold include office, apartment and hotel properties in and around Stamford, Connecticut.
"We are pleased with the progress made to stabilize the Seaboard properties in advance of the sale process," said Marc Beilinson, Seaboard's Chief Restructuring Officer. "These properties are located in highly desirable locations and have already received substantial interest from buyers."
The bankruptcy court is considering the proposed bid procedures on April 29, 2016. If approved, buyers will need to submit qualified bids no later than June 15, 2016 and the closing(s) will occur on or before July 29, 2016.
"The sale process will be flexible," said Mr. Beilinson. "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. Parties interested in learning more about the process should contact Harold Bordwin at Keen-Summit Capital Partners LLC at (646) 381-9222, www.keen-summit.com.
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SOURCE Seaboard Realty