Interstate Bakeries sets bid procedures for $4 million Los Angeles bakery property sale

By Caroline Salls

Pittsburgh, Aug. 1 - Interstate Bakeries Corp. requested court approval of the proposed $4 million sale of a Los Angeles bakery property, according to a Thursday filing with the U.S. Bankruptcy Court for the Western District of Missouri.

Simantov Eshaghian is the stalking horse bidder.

Competing bids are due by 8 p.m. ET on Aug. 12, and the minimum overbid is $4.15 million.

If Eshaghian is not the high bidder at the auction scheduled for Aug. 15, Interstate will pay him a $60,000 termination fee and reimburse up to $25,000 of his sale-related expenses.

The sale hearing is scheduled for Aug. 20.

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

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