Edwin Watts Golf Shops LLC, which entered Chapter 11 Bankruptcy Court protection on Nov. 4 with intentions to sell its approximately 90 stores, has received a half dozen bids, according to a lawyer representing the retailer.
According to law360.com, the bids come after a $45 million stalking horse deal from a joint venture between GWNE Inc. and Hilco Merchant Resources LLC fell apart two weeks ago due to challenges securing financing. But Domenic E. Pacitti of Klehr Harrison Harvey Branzburg LLP told U.S.
Bankruptcy Judge Mary F. Walrath with the bids coming in as part of a blind-auction, there was the
potential for a “much higher bid” to emerge than the original $45
million auction floor with the winning bid potentially leaving “a substantial amount of money” for the estate. He said discussions with each of the prospective bidders remain ongoing.
Edwin Watts also reached an agreement with post-petition lender
PNC Bank NA to extend its debtor-in-possession loan agreement to the second week of February. The law360.com article is here.
