NEW YORK CITY-Santa Ana, CA-based brokerage firm Grubb& Ellis is expected to sell substantially all itsassets to BGC Partners Inc. at a sale hearing inUS Bankruptcy Court of the Southern District of New York thisafternoon at 3 p.m.
The action comes after the firm canceled a bankruptcy auctionand approved bidding procedures and a $30 million stalking horsecontract from BGC, court documents show.
“Given their financial condition, financing arrangements, andcapital structure, the debtors are unable to obtain financing fromsources other than the debtor-in-possession lender on terms morefavorable than the DIP facility,” according to a court order filedon March 22.
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