Grubb & Ellis canceled the auction for its assets this week with an announcement that none of the bids topped BGC Partners' offer, which would forgive the $30 million already owed to BGC in exchange for the assets, while also providing bankruptcy financing. Grubb & Ellis claimed $150 million in assets and $167 million in liabilities in its Feb. 20 bankruptcy filing. According to a Wall Street Journal article, a hearing to approve the sale to BGC Partners is scheduled for Thursday.
Grubb & Ellis had said that the offer from BGC Partners is the "sole reason why a going-concern sales process is possible," and came after nearly a year of soliciting 50 companies and one failed exclusivity agreement.
"Simply put, absent BGC's efforts and capital, the debtors would likely have already been forced to liquidate, resulting in the loss of over 3,000 jobs and placing its valued management clients' properties in jeopardy," Grubb & Ellis said in court papers.
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