City View Capital and Willow Investment filed with the U.S. Bankruptcy Court an objection to Bon-Ton Stores’ motion for the sale of all or substantially all of the Debtors’ assets and procedures related thereto.
The objection asserts, “At a minimum, the current sale schedule must provide the protections that Landlords are entitled under their Leases and the Bankruptcy Code. Specifically, the schedule set forth in the Sale Motion and Bidding Procedures, does not provide, among other things, Landlords with sufficient time to assess and object (if necessary) to any proposed assumption and assignment of the Leases. More importantly, Landlords object to the proposed sale schedule to the extent there is a bid that includes the assumption and assignment of Leases….Landlord’s designated representative should be permitted to attend and participate in the sale. Further, Landlord should be permitted to credit bid and provide a deposit as they have a vested interest in their Leases, and those associated with their properties.”
In addition, “The Debtors should be required to disseminate the Adequate Assurance Information to Landlords upon their receipt of such information from any Qualifying Bidder, and in no event later than twenty-four hours of the Bid Deadline, including for any Stalking Horse Bidder….Finally, the Debtors should be required to pay all undisputed cure amounts upon the entry of a sale order, regardless of whether there is a pending cure objection.”
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