David Schroeder, a Springfield attorney representing Gage’s Long Creek Marina in bankruptcy court, confirmed that a federal judge has tentatively approved the sale of the Ridgedale marina’s assets.
On Jan. 11, Big Cedar LLC, the entity that operates Big Cedar Lodge and is owned by Bass Pro Shops, signed a letter of intent to offer a “stalking-horse bid” and purchase the assets of Hollister-based Gage’s Long Creek Marina Inc. for $2.3 million. The process allows Big Cedar’s bid to be the minimum offer in the event of a competitive auction.
Court records show that on Feb. 16, federal judge Jerry Venters approved an escrow agreement, and he tentatively approved the debtor’s plan to sell its assets. The plan would be finalized after documentation of two amendments Venters ordered to the sale petition are formally agreed to by the involved parties and are returned to the court.
According to court records, Big Cedar originally was entitled to a breakup fee of $100,000 should it lose the competitive bidding process. Venters modified that amount to $92,000, Schroeder said. In addition, during a competitive auction of Gage’s assets, it had been proposed that bidding would increase in $300,000 increments, but the judge lowered that amount to $100,000, Schroeder added.
“There are some minor changes and an order will be submitted incorporating those changes, but basically, the plan has been approved,” Schroeder said, adding that he planned to submit the paperwork to the court on or around Feb. 23.
Schroeder said 5 p.m. March 12 is the deadline for qualified bidders to express their interest in competing against Big Cedar for the right to purchase the marina’s assets, which include a 1994 80x20 motor yacht, a commercial dock and attached buildings, seven additional docks and roughly 130 boat slip rental accounts. Each interested party must be willing to put down a $100,000 refundable deposit, must agree that bids won’t be subject to financing approval and must show financial wherewithal to be able to close on the sale, Schroeder said.
A final hearing and auction would follow on March 15, according to Schroeder. Should no other parties step forward to compete for the assets, the judge would be expected to approve Big Cedar’s original bid.
More on this story will be available in the Feb. 24 digital edition and the Feb. 27 print edition of Springfield Business Journal.[[In-content Ad]]
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