Interstate Bakeries' $10 million Lakewood property sale approved

By Caroline Salls

Pittsburgh, March 19 - Interstate Bakeries Corp. obtained court approval of the $10 million sale of the company's property in Lakewood, Wash., to Canada Bread USA Inc., according to a Monday filing with the U.S. Bankruptcy Court for the Western District of Missouri.

Interstate said no additional bids were received for the property.

According to the motion, Interstate is no longer using the property as a bakery, and it is winding down its remaining product disposition and transfer operations there.

The $10 million proposed purchase price includes $5.5 million for the land and building and $4.5 million for personal property.

Canada Bread has made a $1 million letter-of-credit deposit.

Interstate, a Kansas City, Mo., bakery operator, filed for bankruptcy on Sept. 22, 2004. Its Chapter 11 case number is 04-45814.

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