Friday, January 1, 2010

Notice of Bankruptcy Sale of 24 Real Estate Assets of Kobra Properties in California

ROSEVILLE, CA--(BUSINESS WIRE)--Kobra Properties (“Kobra”), a California General Partnership et al., Bankruptcy Case Number 08-37271-C-11 in the United States Bankruptcy Court for the Eastern District of California, Sacramento Division, has pending a court order approving the sale of certain assets free and clear of liens, claims and encumbrances and authorizing the assumption and assignment of executory contracts.

(Abolghassem "Abe" Alizadeh, chairman, Kobra Properties, top left and bottom right  photos)

At a hearing held on December 9, 2009, the Bankruptcy Court granted the motion of the Chapter 11 Trustee (“Trustee”) to approve detailed sale procedures with respect to the sale of real property pursuant to Section 363 of the bankruptcy code, including suggested minimum bid amounts, the form of the purchase and sale agreement and auction procedures.

 A formal written order is pending. Qualified prospective purchasers will have the opportunity to bid on each of these twenty-four properties with each property having a suggested minimum bid which will be subject to individual reserve prices.

A summary of terms which will include a list of the twenty-four properties, the corresponding suggested minimum bids, the approved form of asset purchase agreement, and bidder qualification instructions will be furnished upon request and, upon executing a confidentiality agreement with the Trustee, prospective purchasers will have access to additional due diligence information.

The suggested combined minimum bids on the twenty-four properties total $35,129,057.

The Trustee’s ability and intent to sell the certain properties is subject to successful negotiation with the secured lenders to convey these assets and to final court approval. By granting the Trustee’s motion, the court will approve the following timeline:

Qualification Deadline: January 6, 2010, 5:00 PM PST
Auction Date and Time: January 14, 2010, 9:30 AM PST
Location of Auction: The United States Bankruptcy Court, located at 501 I Street, 6th Floor, Courtroom 35 (Dept. C- Honorable Christopher Klein), Sacramento, California, 95814.
Qualified Bidders:

All parties interested in acquiring any or all of the twenty-four (“24”) properties must submit a fully executed asset purchase agreement (the approved Competitive Bidder Asset Purchase Agreement will be provided to all interested parties) and a 10% earnest money deposit on or before 5:00 p.m., California time, on January 6, 2010, in order to be eligible to be considered as a possible “Qualified Bidder” (as that term is defined in the Bidding Procedures).

Interested parties may request additional information and documentation concerning the assets and the sale by contacting:

MARK F. THOMANN and/or STEVEN L. VICTOR, the Chapter 11 Trustee
Development Specialists, Inc., Suite 2300, 70 West Madison St., Chicago, IL 60602. Office: 312-263-4141 or 916-746-0564

Attorneys for Chapter 11 Trustee: DONALD W. FITZGERALD and/or JASON E. RIOS Felderstein Fitzgerald Willoughby & Pascuzzi LLP, The Wells Fargo Center, 400 Capitol Mall, Suite 1450, Sacramento, CA, 95814. Office: 916-329-7400

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