CHICAGO--(BUSINESS WIRE)--The Debtor and Debtor in Possession, Bankruptcy Case No. 11-25934 in the United States Bankruptcy Court for the Northern District of Illinois, Eastern Division, and DSI, the Sales Agent, anticipates receiving court approval of procedures for the sale of the assets commonly known as Green Garden Country Club (the “Golf Course Assets”) free and clear of liens, claims and encumbrances and authorizing the assumption of executory contracts. The anticipated sale will be of real estate and personal property (other than the cash and accounts receivable) pursuant to Section 363 of the Bankruptcy Code. Tentative terms of the sale include but are not limited to:
a. Assets to be Sold. The Golf Course Assets, which must be sold together and will not be sold separately and which do not include cash or accounts receivable. The Debtor shall only consider bids for all of the Golf Course Assets.
b. Participation Requirements. In order to participate in the bidding process or otherwise be considered for any purpose hereunder, a person interested in all of the Golf Course Assets (a “Potential Bidder”) must first deliver the following materials to the Sales Agent (who shall then forward such items to First Midwest, the Secured Lender) and to the Debtor’s counsel:
(1) An executed confidentiality agreement in form and substance satisfactory to the Debtor and his counsel; and
(2) Proof of the Potential Bidder’s financial ability to consummate a sale transaction. A person meeting the requirements set forth in the below section shall be considered a “Qualified Bidder,” provided that First Midwest is a Qualified Bidder and shall have the right to credit bid at the Auction.
c. Qualified Bid. A Qualified Bid can only be made by a Qualified Bidder and must:
(1) Identify the bidder, including any party for whom it may be bidding with or on behalf of and whether the bidder is a party to any agreement limiting the bidders at the Auction and any relation of such parties to the Debtor;
(2) Contain a signed definitive asset purchase agreement, which shall be in the form of that submitted by the Stalking Horse, but only to the extent the Debtor has selected a Stalking Horse and has filed with the Bankruptcy Court a proposed asset purchase agreement (a “Purchase Agreement”), with such Purchase Agreement redlined against the Purchase Agreement submitted by the Stalking Horse;
(3) Provide for the purchase of all of the Golf Course Assets;
(4) Provide for a cash purchase price with respect to the Assets in the sum of at least $5,500,000 in the aggregate;
(5) Include a certified or bank check or wire transfer in the amount equal to 5% of the proposed purchase price as a good faith deposit.
The anticipated Court Order will approve the following timeline:
Bid Deadline and Submission: Bids must be received no later than 12:00 noon (prevailing Central time) on March 9, 2012.
Auction: If more than one Qualified Bid by a Qualified Bidder is received by the Bid Deadline, an Auction shall take place on March 12, 2012, at 10:00 a.m. (prevailing Central time) at the offices of Foley & Lardner LLP (Counsel to First Midwest Bank), 321 North Clark Street, Suite 2800, Chicago, Illinois.
Closing: Pursuant to Bankruptcy Court approval of a final bidder, the closing of the sale transaction must occur on or before March 30, 2012.
Interested parties may request additional information and documentation concerning the assets and the sale by contacting:
Steven L. Victor and/or Matt Farnsworth, the Sales Agent for the
Debtor and Debtor in Possession
Development Specialists, Inc.,
70 W. Madison, Suite 2300, Chicago, Illinois 60602
Office (312)
263-4141; svictor@dsi.biz and mfarnsworth@dsi.biz
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