PEORIA, Ill. - GEM Hospitality and its affiliated entity, the Pere Marquette Hotel, have filed for bankruptcy.
In the filing WMBD obtained, the motion, filed on June 22, seeks approval of a formal sale process, with an auction planned for September 11th, 2018.
Sugar Felsenthal Grais & Helsinger LLP says the sale puts the City of Peoria, in the best possible position to see a return on its investment in the Pere Marquette. A bidding floor has been set in the auction process, in which parties who want to participate in the auction must pay at least $39 million for the Pere Marquette's Debtors assets, meaning the city will be the primary beneficiary.
As of June 22, a real estate advisor for the property said more than 65 parties had expressed serious interest in submitting a bid and participation in the auction. Nearly 50 of the parties had already started the process.
"We're pleased to finally be on the road toward an exit from the Chapter 11 cases," Chief Restructuring Officer for the Pere Marquette Debtors, Jeffrey Varalone, said. "It's been my primary goal to maximize value for creditors in these cases, and the sale process we've put together puts us on a path to do just that. Gary Matthews and Monte Brannan should be commended for giving complete authority to act ast the debtors' sole fiduciary in these bankruptcy cases, allowing for a clear path for me to mandate this sale process."
The next hearing is Wednesday, at which time the Bankruptcy Court will consider the debtors' motion to approve a proposed settlement with INDURE, the debtors' senior secured lender. The debtors also filed a motion to approve the bid procedures on Friday, which the court may also consider at the Wednesday hearing.
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