Interstate Bakeries requests court OK to sell Dorchester, Mass., Oakland, Calif., properties at auction

By Caroline Salls

Pittsburgh, March 24 - Interstate Bakeries Corp. requested court approval to sell its Dorchester, Mass., and Oakland, Calif., facilities, according to Thursday filings with the U.S. Bankruptcy Court for the Western District of Missouri.

The stalking horse bidder for the proposed $3.55 million sale of the Dorchester facility is Tenean Properties, LLC, which has paid a $355,000 deposit.

The auction will be held April 10, and the minimum bid will be $3.7 million.

Interstate will pay Tenean a $71,000 termination fee as bid protection, as well as up to $50,000 in expense reimbursement.

The stalking horse bidder for the Oakland property is Madison Park Financial Corp., which has paid a $320,000 deposit. The proposed purchase price is $3.2 million.

The auction will also be held April 5, with a $3.3 million minimum bid.

Interstate will pay Madison a $64,000 termination fee for bid protection.

A hearing on both sales is scheduled for April 12.

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

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